Australia’s home values have surged by 3.5 per cent in the first quarter of 2014 with analysts describing recent growth as ‘‘unsustainably strong’’.
The RP Data-Rismark Hedonic Home Value Index released on Tuesday showed a rise in dwelling values in every capital city in March.
The supercharged Sydney market continues to grow, recording a monthly price jump of 2.8 per cent, bringing its quarterly growth to an impressive 4.4 per cent. Melbourne has been the surprise leader of the pack in 2014, growing by 2.3 per cent in March and 5.4 per cent over the quarter.
Darwin also clocked a strong March result, growing by 3.3 per cent in March though just 2.8 per cent over the quarter.
Brisbane grew by 2.9 per cent in March (1.5 per cent over the quarter), Canberra by 2.2 per cent (2 per cent over the quarter), Adelaide by 1.4 per cent (1.2 per cent over the quarter) Hobart by 1.2 per cent (4.7 per cent over the quarter) and Perth by just 0.6 per cent (-0.6 per cent over the quarter).
Though outpaced by Melbourne, Sydney remains by far the most expensive city in the country with a median house price of $713,000 and a median unit price of $552,500.
Sydney has also grown the furthest from its previous peak – dwelling values are now 15.8 per cent higher than those recorded in late 2010.