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House price boom bypasses Adelaide

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House prices in Adelaide remained flat over 2013 while national values surged, latest figures show.

Today’s RP Data-Rismark Home Value Index results for December 2013 show Adelaide’s year-on-year home values increasing by 2.8 per cent and unit values lifting by just 0.6 per cent.

“Value growth across Adelaide has been comparatively moderate over the year, with house values increasing by 3.0 per cent and unit values lifting by just 0.6 per cent,” the report says.

“Over the year there has been no change to gross rental yields for houses, remaining at 4.3 per cent, however unit rental yields have increased to 4.9 per cent from 4.8 per cent a year ago.”

Adelaide’s growth was the lowest of the mainland state capitals; it did, however, outperform Canberra and Hobart.

Across the combined capital cities, home values increased by 9.8 per cent over the 2013 calendar year.

The cities driving the capital growth have been Sydney (14.5 per cent), Perth (9.9 per cent) and Melbourne (8.5 per cent).

Brisbane was the only other city to record value growth in excess of 5 per cent (5.1 per cent), with each of the remaining capital cities recording annual value growth of 3.5 per cent or less.

RP Data’s Cameron Kusher said this was the fastest annual rate of value growth since August 2010, and the largest calendar-year increase in values since 2009, when home values were up by 13.7 per cent.

“Clearly value growth has gathered momentum throughout the second half of the year,” Mr Kusher said.

“Despite the strongest annual value growth since 2009, the rate of growth was not that startling given the low interest rate environment.

“Although home values increased by 9.8 per cent in 2013, the growth follows a -3.8 per cent annual fall in values in 2011 and a further -0.4 per cent annual fall in 2012. Cumulatively, from peak to trough, capital-city dwelling values were down 7.7 per cent prior to this current growth cycle.”

Media house price movements and price – 2013

Sydney 15.2%  $775,000

Melbourne 8.5% $625,000

Brisbane 5.3% $470,000

Adelaide 3.0% $405,000

Perth 10.2% $537,250

Hobart 2.9% $350,000

Darwin 5.1% $595,000

Canberra 3.7% $570,000

Eight capital city aggregate 9.9% $575,000

Median unit price movements – 2013

Sydney 11.6% $557,000

Melbourne 8.7% $481,000

Brisbane 3.5% $383,000

Adelaide 0.6% $325,000

Perth 6.3% $439,000

Hobart -5.1%  $255,000

Darwin -3.9%  $449,500

Canberra 1.5%  $432,000

Eight capital city aggregate 9.0%  $480,000

 

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