Home values see strong growth in prestige market
April 3, 2014 / Written by Rich Harvey
The March quarter ended on a high note for property prices, according to the latest RP Data - Rismark Home Value Index.
Figures show dwelling values rose 2.3 per cent over March on a monthly basis, reaching a 3.5 per cent capital gain over the first quarter of the year.
Aside from Perth, rising home values were seen in every capital city during the March quarter. In fact, half of all capital cities are now posting record-high dwelling values.
While Melbourne saw the highest quarterly value growth, Sydney's housing market posted the largest increase beyond its previous market high.
"Sydney dwelling values are now 15.8 per cent higher than their previous peak, substantially more than Melbourne where dwelling values are 4.7 percent higher than their previous peak," said RP Data Research Director Tim Lawless.
"Perth and Canberra values have risen to be 2.9 and 1.2 per cent higher than their previous high point, respectively."
Investors looking at Sydney prestige properties should also be glad to hear that the premium real estate market remained the best performer out of all price segments.
Dwelling values for prestige property in the most expensive quarter of the market increased 7.2 per cent over the past six months. Meanwhile, values for the lower priced quarter of the market only lifted by 4.9 per cent over the same time period.
Data indicates that premium homes in areas like Coogee, Clovelly, Potts Point and Elizabeth Bay have much to offer not only home buyers seeking stunning views and access to high-quality amenities, but also investors seeking property that has a solid track record of value growth.
Employing the services of a qualified buyers agent who knows the area well could be the perfect way to find the right home in this region.