While property prices fall in Sydney and Melbourne, Canberra's house values continue to climb.
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CoreLogic's April home value index, released today, shows Canberra reported a 1.3 per cent monthly increase in each of the key metrics: houses, units and dwellings.
The median house value in the territory rose to $1,070,220, unit values reached $619,753 and dwellings, combined both housing types, rose to $947,309.
The growth comes as Sydney reported a 0.1 per cent monthly decline in house values and Melbourne's house values dropped by 0.2 per cent. Hobart's house values fell the sharpest, declining 0.4 per cent in April.
Adelaide led the change in monthly house values with 1.9 per cent growth, following by Brisbane with 1.7 per cent growth.
Sydney and Melbourne also recorded the nation's first quarterly decline in house values since 2020, falling by 0.3 per cent and 0.5 per cent respectively.
Canberra's house values grew 2.5 per cent for the quarter.
CoreLogic's report also shows the annual growth trend in national home values is falling sharply.
National dwelling values dropped from a recent peak of 22.2 per cent growth for the year ending November 2021, to 16.7 per cent over the latest 12-month period.
CoreLogic research director Tim Lawless said as last year's gains drop out of the calculation and talks of interest rate rises heat up, the annual change figures are expected to drop sharply.
"With the RBA cash rate set to rise, potentially as early as tomorrow, we are likely to see a further loss of momentum in housing conditions over the remainder of the year and into 2023," he said.
"Stretched housing affordability, higher fixed term mortgage rates, a rise in listing numbers across some cities and lower consumer sentiment have been weighing on housing conditions over the past year.
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"As the cash rate rises, variable mortgage rates will also trend higher, reducing borrowing capacity and impacting borrower serviceability assessments."
Rental yields in the ACT remained at 3.8 per cent in April, with rents for houses up 9.9 per cent for the year and unit rents up 6.9 per cent for the year.
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