Capital city home values increased 2.8% in July with national home values 11.1% higher now compared to the same period last year.
According to the CoreLogic RP Data July Home Value Indices 2015 the total aggregated value of Australian housing has increased by just over half a trillion dollars over the past twelve months.
Over the three months to July, Melbourne home values increased 6.1%, although Melbourne houses suffered the lowest rental yields of 3% and units 4.1%
CoreLogic RP Data’s head of research Tim Lawless said the strongest growth conditions outside of Sydney and Melbourne have been in Brisbane where dwelling values were 3.9% higher over the year.
“While Sydney and Melbourne values continue to boom, the next best performing city, Brisbane, has seen dwelling values rise by just 3.9% over the past twelve months. Based on the median dwelling price, Sydney prices are now 72% higher than Brisbane’s and Melbourne’s are 24% higher,” Mr Lawless said.
“Across every capital city except Hobart and Darwin, we are seeing detached housing outperform units for capital gain, with house values up 11.6% compared with a 7.2% increase in unit values over the past year. The differential is most pronounced in Melbourne where house values have surged 12.3% higher over the year compared with a 4.8% rise in unit values.