Home values across the combined capital cities increased by 1.2 per cent in January 2014 according to the RP Data-Rismark Home Value Index. The rate of value growth over the month was slightly slower than the 1.4 per cent increase in December 2013 and highlights that housing market momentum from late 2013 has been carried in to early 2014.
Combined capital city home values have increased by 9.8 per cent over the 12 months to January 2014. Over the year every capital city apart from Hobart (-0.2 per cent) has recorded a lift in dwelling values. Sydney (13.4%) and Melbourne (11.9%) have been the primary driver of capital gains over the current growth cycle. Value growth has been more moderate in Perth (6.9%), Darwin (4.6%) and Brisbane (3.8%) and significantly lower in Canberra (2.7%) and Adelaide (2.5%).