The month of July saw a reported 0.8 per cent rise in dwelling values, resulting a 6.3 per cent increase in value over the first seven months of 2016. Four of the capitals posted a negative for the month, but Perth and Darwin are the only capitals in seriously negative territory year on year.
October 2015 saw the annual rate of growth peak at 11.1 percent across the combined capitals, with annual growth now at its slowest rate since September 2013 at 6.1 per cent.
Sydney and Melbourne’s annual rate of growth has slipped back to below 10 per cent, previously peaking at 18.4 per cent and 14.2 per cent per annum respectively over the 12 months ending September last year.
Darwin and Perth represent the only two capital cities recording negative movements over the past twelve months, with values in Darwin down 7.6 per cent and Perth values falling by 5.6 per cent.
The current growth cycle which commenced in June 2012, shows capital city dwelling values have risen by 38.3 per cent.
According to CoreLogic’s head of research Tim Lawless; “This demonstrates the strength in the Sydney and Melbourne growth trend with dwelling values across the two largest capitals recording a cumulative 61.3 per cent and 42.0 per cent over the cycle to date. The recent moderation in the rate of capital gains should be viewed as a positive sign that growth in dwelling values may be returning to more sustainable levels.”