The May property results are in, showing a national increase of 2.2%, following 1.8% growth in April and the national growth rate has now cracked 10% over the last 12 months. The May pick-up could be due to returning investors who generally have deeper pockets, as first-time buyer numbers take a dip.
Key take outs:
- Sydney keeps flying with 3% growth for the month and 9.3% in the last quarter alone.
- All capitals post increases of more than 10% over the last year except Perth & Melbourne who will get there soon.
- Combined capitals continue to make up ground on regionals over May and the quarter, although the result for regionals is still very strong.
- Hobart is the star performer with 3.2% growth after 1% in April, and a whopping 16% over the last year. There is no abatement to Hobart’s rise in property values. Hobart’s median is now incredibly the same as Brisbane, and greater than Adelaide, Perth & Darwin.
- Darwin continues its recovery with 2.7% growth and the highest annual growth of all capitals at 20.3%. Keep in mind the current median of $478K is still well below its 2014 median of $579K.
- Melbourne, Adelaide & Canberra continue with very strong results just under 2% growth and all capitals return results above 1% for the 2nd time this year.