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Brisbane takes over other Major Cities for Capital Growth

Friday, May 09, 2014

Sydney and Perth halt, Melbourne and Canberra fall, but Brisbane will be where the action is this year – RP Data

RP Data-Rismark figures for April show that Brisbane had the strongest growth of the major capitals at 1.1% in April, while Sydney property prices grew at a paltry 0.5%, and Perth only increased by 0.2%.

All capitals recorded some rise in dwelling values during April except for Melbourne, which fell 0.5% and Canberra, down by 1.1%. Some cities experienced their lowest monthly growth for nearly a year, including Sydney.

Brisbane is going to be the strongest housing market going forward from here and that is purely because the gap in pricing between Sydney and Melbourne compared to Brisbane has really widened and that was always the thing in the past that attracted people to Brisbane, according to RP Data.

This lower rate of growth, especially in Sydney and Melbourne, where property values have surged since the end of 2012, signal that these markets are moving through the peak of their growth cycle.

The growth that Sydney has seen is having an adverse impact on buyers’ ability to afford property, especially at the lower end of the price range. Affordability constraints are now entering the market.

And the lower end of the Melbourne market is also slowing as the higher prices mean that a lot of buyers aren’t in a position where they can afford to buy a property.

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