According to a recent study from CoreLogic, property prices are exerting more of an influence over dwelling values around the country than ever before, particularly when it comes to the most affordable homes and properties.

“While national dwelling values are -0.4% lower over the past year, the most affordable 10% of properties have seen values rise 1.8% while the most expensive 10% of properties have recorded a fall of -5.0%,” research analyst Cameron Kusher affirmed.

Looking into the capital cities, dwelling values have decreased 1.1% over the past 12 months, however when examining the most affordable properties, values grew by 1.3% over the past year. The most expensive dwellings, meanwhile, have seen values fall by 5.7%.

The largest drop in property values has been seen in Sydney, with values falling by 4.2% overall. The most affordable properties, however, are valued at 1% higher over the last year, while the most expensive have seen their values drop by 7.3%     

Melbourne posted an increase of 2.2% in dwelling values, but their most expensive properties dropped 3.5%, held afloat by the rest of the market with the most affordable properties growing as much as 10.3%.

The downward trend for most expensive properties is clearly seen in the case of Adelaide having experienced a decline in values over the past year. Over the last year, Adelaide has experienced declining values even as the most affordable properties have increased by 1.1%, the same percentage that the most expensive homes have dropped in value.

Although Hobart has a rosier outlook than the rest of the capital cities, since their dwelling values are currently rising faster than any other capital city in the country, the city follows similar trend. Over the past 12 months, dwelling values in most affordable properties increased by 18.4% while values in the most expensive ones have increased by 9.4%.

Dwellings in Darwin significantly declined, tallying a drop of 21.3%.  Over the past 12 months, values across Darwin’s most affordable properties dropped by 5.3% compared to the ones in most expensive areas, which saw a decline of more than a double of the former (13.5%).

Lastly, Canberra maintained its record of posting greater value increases in its most affordable areas. Over the past year, its most affordable properties saw a 2.1% growth in values while values for most luxurious ones increased by 2.0%.

 

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