Property values continue to rise in the state capitals of Australia, but overseas property investors interested only in making capital gains in Sydney and Melbourne may be missing a trick.
Hobart, capital of the island state of Tasmania, has recently overtaken its more famous contemporaries when it comes to property price growth.
Recent data released by CoreLogic shows that property prices rose by 1.4 per cent month-on-month at the beginning of 2017 in the Tasmanian capital. This compared to 1 per cent and 0.8 per cent in Sydney and Melbourne respectively.
Even taking quarterly data into account, Hobart still came out top with strong quarterly growth of 5.8 per cent in property values.
All Australian state capitals – with the one exception of Darwin – showed property price growth last month, with the average coming out at 0.7 per cent. A reduction from the 1.4 per cent seen in December 2016, but continuing in a strong upward direction.
Tim Lawless, CoreLogic head of research, commented: ‘While the growth trend in smaller cities such as Hobart can show higher levels of volatility, clearly the Hobart housing market is now well into its growth cycle.
He continued: ‘Strong housing market conditions are being driven by positive affordability of housing, as well as improving economic conditions and stronger migration trends.’
Overseas property investors may want to consider many of the state capitals of Australia, as It seems that property prices ‘down under’ continue to rise.
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