What is your home worth?

Melissa Jenkins
(Australian Associated Press)

CAPITAL CITY PRIVATE TREATY MEDIAN PRICES

HOUSES

Sydney – $970,000

Melbourne – $699,000

Canberra – $623,000

Darwin – $580,000

Brisbane – $520,000

Perth – $505,000

Adelaide – $450,000

Hobart – $390,000


UNITS

Sydney – $745,000

Melbourne – $542,000

Perth – $416,000

Canberra – $398,500

Brisbane – $383,500

Darwin – $367,500

Adelaide – $344,750

Hobart – $323,250

Source: CoreLogic Property Market Indicator Summary week ending May 28, 2017.
CAPITAL CITY LOAN TO VALUATION RATIOS APRIL 2017

Perth – 77.1 per cent

Brisbane – 76.7 per cent

Adelaide – 75.4 per cent

Canberra – 75.3 per cent

Darwin – 71.9 per cent

Melbourne – 65.9 per cent

Sydney – 58.1 per cent

National average – 73.4 per cent

Source: Equifax/CoreLogic Loan-to-Valuation Index
Home values have slipped in May, against a backdrop of rising home loan rates, softer auction results and slowing investment.

Property analytics firm CoreLogic’s five city aggregate index was down 1.1 per cent over 29 days of May, indicating a negative result will be reported when the month ends.

“The weak preliminary result is largely influenced by a month-on-month fall in Sydney and Melbourne dwelling values, however when seasonal factors are taken into account, the May result isn’t likely to be as weak as what the headline results are indicating,” CoreLogic head of research Tim Lawless said.

“The trend rate of growth shows the pace of capital gains has moderated from recent highs; this slowdown is occurring against a backdrop of rising mortgage rates, softer auction results, rising advertised stock levels, lower housing market sentiment and slowing investment activity.”

Buyers are on average borrowing smaller chunks of cash compared with the value of their properties, with less activity from first home buyers thought to be responsible for the decline.

The national average loan to value ratio (LVR) in April was 73.4 per cent, down from 74.3 per cent in September 2016.

The index from analytics company Equifax and CoreLogic shows Perth mortgagors have the highest LVR at 77.1 per cent, while the lowest is in Sydney, at 58.1 per cent.

Equifax’s Neil Shilbury says strong housing markets in Sydney and Melbourne have pushed down LVRs, as loan application amounts grow at a slower rate than house prices.

“Lower LVRs in Sydney and Melbourne may … be due to first home buyers making up a smaller component of the housing market,” Mr Shilbury said.

Changes to LVRs have been mixed across the capital cities, but have jumped in mining and agricultural towns and fallen in coastal regions and satellite towns.

“Satellite cities like Wollongong have benefited from a spill over of housing demand, which has pushed up housing values,” Mr Lawless said.

“Many coastal regions have been impacted by equity-rich buyers seeking out holiday homes and retirement options.”

Meanwhile, auction results across the major capital cities for the week to May 28 were slightly stronger, with a preliminary weighted average clearance rate of 74.6 per cent, up from 73.1 per cent the previous week.

On the supply side of the housing market, building approvals for the construction of new homes in April were stronger than expected, up 4.4 per cent for the month, beating market expectations of a three per cent rise.

But building approvals have tumbled 17.2 per cent during the year to April, according to Australian Bureau of Statistics figures released on Tuesday.

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