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Sydney market drives up national dwelling values

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A new report shows Australia's housing market has improved thanks to strong gains and auction results in Sydney.

New figures from CoreLogic show dwelling values surged 5 per cent higher over the calendar year to date.

Melbourne is the country's best performing city as dwelling values rose 13.9 per cent over the 12 months to 30 May 2016.

Sydney came in second with an increase of 13.1 per cent over the same period, followed by Brisbane increasing by 7.1 per cent, Hobart by 6.1 per cent, Canberra by 5.7 per cent, and Adelaide by 3.9 per cent.

Perth recorded the greatest losses with dwelling values decreasing by 4.2 per cent while Darwin's dwelling values fell by 3.5 per cent.

Across the capital cities, dwelling values rose 10.0 per cent year-on-year to a median price of $580,000.

The report from CoreLogic noted that Sydney's annual growth has recorded a particularly strong performance after reaching a recent low point of 7.4 per cent annual growth over the 12 months ending March 2016.

“After capital city dwelling values fell by 7.4 per cent between October 2010 and May 2012, values have since risen by 36.6 per cent over the [four-year] growth cycle to date,” the report stated.

“The rebound in the rate of capital gain during 2016 is supported by other measurements in the market. Auction clearance rates across the combined capital cities have remained stable and hovered around the high 60 per cent to low 70 per cent range since February this year.”

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