Two-tier property market highlights differences around the country
Property prices in Sydney, Melbourne, Adelaide and Canberra achieved double-digit growth in the year to September 30, but Perth and Darwin saw prices fall 7% and 6% respectively, according to CoreLogic's Hedonic Home Value Index.
Property prices are rising across New Zealand, but particularly in Auckland as low interest rates, short supply, and increased foreign investment drive demand, in a scenario similar to that on the east coast of Australia.
Weak inflation has sent interest rates to historic lows, but new housing supply and APRA's steps to rein in property investment will contain property prices.
Property prices in Australia's combined capital cities have now been growing for 50 consecutive months, but the growth is patchy, with Melbourne and Sydney accounting for most of the gains, says CoreLogic.
