20 Jul 2016 By: Greg Hocking 0 Comment
My desk was flooded with positive news this week and I’d like to share the best with our loyal local readers.
Top of the list is just-released findings by national data provider CoreLogic that Melbourne and Sydney’s housing markets have unquestionably led Australia’s recovery since the global financial crisis of 2008.
While this is common knowledge, I was thrilled to read residential property values have grown by 71.8% across our suburbs in just 7.5 years.
To put this in context, Brisbane values have increased by 14.6% since December 2008, Adelaide by 14.8%, Perth by 9%, Darwin by 20.9%, Canberra by 26.9% and Hobart by just 6.4%.
Sydney, meanwhile, has recorded capital value growth of 87.9%.
In cahoots with Melbourne, it has driven the country to an overall value rise of 54.9% since the depths of the post-GFC period.
And our strong economy, jobs and population growth all point to continued long-term value growth right across our city.
My other news was from the Australian Bureau of Statistics (ABS). This week’s housing data shows $20.5 billion worth of housing finance commitments to owner occupants in May this year and $11.7 billion to investors.
No sign of our property market grinding to a halt, paralysed by shifting political sands.
If we can assist with an obligation-free appraisal of your property this year, call us today.