Top end is still ris­ing

The Weekend Australian - Life - - PROPERTY - LISA ALLEN

If you have to ask the price you prob­a­bly can’t af­ford it and that’s cer­tainly the case with the na­tion’s most ex­pen­sive homes dur­ing the past year.

Syd­ney’s dearest houses and apart­ments in­creased by a higher value than the city’s mid­dle and cheap­est homes, ac­cord­ing to a CoreLogic RP Data sur­vey.

All up, Aus­tralian cap­i­tal-city home val­ues jumped 6.4 per cent in the year to March, with the most ex­pen­sive sub­urbs achiev­ing the largest price rises of 7 per cent, while the cheaper sub­urbs gained 6.6 per cent. The mid­dle sec­tor — com­pris­ing 50 per cent of the hous­ing mar­ket — rose 6.4 per cent.

Syd­ney home val­ues jumped 7.4 per cent af­ter peak­ing at 18.4 per cent growth in July, CoreLogic RP Data says. The most ex­pen­sive Syd­ney sub­urbs, in­clud­ing Dar­ling Point, Point Piper and Vau­cluse, recorded price rises of 8.8 per cent, up on the 8 per cent in­creases seen in the cheap­est sub­urbs and 2.2 per cent higher than mid­dle-mar­ket val­ues.

“Across each seg­ment the an­nual rate of value growth is slow­ing, how­ever the pre­mium end of the hous­ing mar­ket con­tin­ues to record a higher rate of cap­i­tal gain,” CoreLogic RP Data says.

Home val­ues jumped the most in Mel­bourne in the past year, up 9.8 per cent, but were down sig­nif­i­cantly from their 14.2 per cent peak in Septem­ber.

Un­like Syd­ney, Mel­bourne’s most ex­pen­sive sub­urbs, such as South Yarra, Kew and Toorak, sus­tained 10 per cent in­creases, down on the 10.5 per cent value in­creases achieved in the mid­dle mar­ket but up on the 9.7 per cent rise in the cheaper sub­urbs.

Bris­bane’s most ex­pen­sive houses bucked the Syd­ney trend with its dearest sub­urbs, such as Hamil­ton and As­cot, record­ing price growth of 4.6 per cent across the year com­pared with 5.7 per cent in its most af­ford­able sub­urbs. Over­all home val­ues in­creased 4.5 per cent.

Ade­laide home val­ues in­creased by just 3.2 per cent in the year to March. “The most ex­pen­sive sub­urbs have seen val­ues rise 3.2 per cent com­pared to a 3.1 per cent in­crease across the mid­dle mar­ket and a 2.9 per cent in­crease across the most af­ford­able sub­urbs,” CoreLogic RP Data says. “Growth is fairly steady in the cheaper, mid­dle and more ex­pen­sive mar­kets, with the rate of cap­i­tal gain hold­ing rea­son­ably steady over the past 12 months.” Ade­laide’s most ex­pen­sive sub­urbs in­clude Medindie and Un­ley Park.

Perth is the only ma­jor cap­i­tal to have sus­tained value falls. “How­ever, the an­nual rate of de­cline has started to im­prove, eas­ing from mi­nus 4.1 per cent in Novem­ber 2015 to the cur­rent an­nual de­cline of mi­nus 2 per cent,” CoreLogic RP­Data says.

Prices fell 0.5 per cent across Perth’s most af­ford­able sub­urbs, are down 1.5 per cent across the mid­dle mar­ket and 2.1 per cent lower across the most ex­pen­sive sub­urbs, such as Pep­per­mint Grove and Dalkeith. “Val­ues are still fall­ing but the rate of de­cline in val­ues has slowed,” CoreLogic RP Data says.

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