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Big cities slump, but Hobart keeps booming
Property markets in five of Australia’s eight capital cities have significantly changed over the past 12 months, according to new data from CoreLogic.
Sydney and Melbourne have gone from strong to weak, Darwin has gone from bad to very bad, while Adelaide and Canberra have noticeably slowed (see table below).
Three capital cities, though, produced similar performances in both the 2016-17 and 2017-18 financial years, with Hobart booming, Perth busting and Brisbane stagnating.
The CoreLogic statistics show how stark the change has been in Sydney – the median property price jumped by 16.4 per cent in FY17 but then fell by 4.5 per cent in FY18.
Meanwhile, the boom continues in Hobart, which grew 12.8 per cent in FY17 and 12.7 per cent in FY18.
| Region | FY17 change | FY18 change |
|---|---|---|
| Sydney | 16.4% | -4.5% |
| Melbourne | 13.0% | 1.0% |
| Brisbane | 2.8% | 1.1% |
| Perth | -2.6% | -2.1% |
| Adelaide | 5.4% | 1.1% |
| Hobart | 12.8% | 12.7% |
| Canberra | 7.8% | 2.3% |
| Darwin | -2.6% | -7.7% |
| Combined capitals | 11.1% | -1.6% |
| National | 10.2% | -0.8% |
Mixed results for regional property markets
Looking outside the capital cities, there have been big changes in two of the seven non-metropolitan areas.
In regional NSW, median price growth slowed from 11.9 per cent in 2016-17 to 3.2 per cent in 2017-18 (see table below).
But regional Northern Territory went the other way – from a fall of 7.0 per cent in FY17 to a gain of 4.8 per cent in FY18.
| Region | FY17 change | FY18 change |
|---|---|---|
| Regional NSW | 11.9% | 3.2% |
| Regional Victoria | 4.8% | 5.0% |
| Regional Queensland | 3.5% | 0.3% |
| Regional WA | -2.2% | -3.3% |
| Regional SA | -0.5% | -0.1% |
| Regional Tasmania | 6.4% | 5.6% |
| Regional NT | -7.0% | 4.8% |
| Combined regions | 6.4% | 2.2% |
Disclaimer
This article is over two years old, last updated on July 2, 2018. While RateCity makes best efforts to update every important article regularly, the information in this piece may not be as relevant as it once was. Alternatively, please consider checking recent home loans articles.
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