Sydney’s soaring property values have offset flat or falling house prices in other Australian capitals, with home values rising 0.3 per cent in February across all metropolitan areas.
Sydney recorded a 1.4 per cent increase in home values, with the median price now $680,000.
Despite a 2.7 per cent surge in prices in January, Melbourne home values rose just 0.2 per cent this month, according to the CoreLogic RP Data figures released this morning.
Adelaide prices rose 0.2 per cent in January, with Canberra’s up by 1.3 per cent.
But Perth, Brisbane and Hobart fell.
Perth recorded the biggest fall, where home values declined 2.2 per cent, while Brisbane recorded a fall of 0.8 per cent for the month.
This article first appeared in The Australian Business Review