Business News

Sydney leads residential property price growth

The latest residential property research has shown Sydney to be the strongest market in terms of capital growth for houses.

In its May residential property market update, Future Estate cited Domain Group research that indicated a 3.6 per cent increase in the median Sydney house price to an all-time high of $914,056 quarter ended May 2015.

In regard to capital appreciation for units, the Domain Group research found Darwin produced the best results, with the median unit price jumping by 14.9 per cent over the quarter.

Sydney was still the dominant market for capital growth on a year-to-year basis, reflecting a 16 per cent rise in the median house price and a 9 per cent rise in the median unit price, while property prices in other capital cities were only moderate or fell in that time.

Trends in rental growth, however, were less spectacular, with Melbourne, Hobart and Darwin being the dominant locations.

“On a quarter-on-quarter basis, median weekly asking rental growth was stagnant apart from Melbourne and Hobart, which experienced positive rental growth for both houses and units, and Darwin, where weekly asking rents for houses and units declined by 1.9 per cent and 3.7 per cent respectively,” Future Estate said.

“Hobart, Sydney and Melbourne took the lead in house median weekly rental growth, with rents growing 6.5 per cent, 4 per cent and 2.6 per cent respectively on a year-on-year basis,” according to the research house.

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