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RP Data has forecast a cooling in the housing market, with Sydney property values now almost 16 per cent higher than their previous peak.
Dwelling values have increased by 3.5 per cent since the beginning of 2014, according to the RP Data–Rismark Home Value Index for the March quarter.
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All capitals except Perth recorded a rise in values during the past three months, with Melbourne up 5.4 per cent, Hobart up 4.7 per cent and Sydney up 4.4 per cent.
Values have risen by 15.8 per cent since June 2012 – and by 12.9 per cent since June 2013.
RP Data research director Tim Lawless said half of Australia’s capital cities now had record dwelling values.
Sydney is 15.8 per cent higher than the previous peak, Melbourne is up 4.7 per cent, Perth is up 2.9 per cent and Canberra is up 1.2 per cent.
“Over the long term, I don’t believe such a strong pace of growth can be sustained. We expect housing market conditions to cool down as the year progresses,” Mr Lawless said.
Premium property continues to outperform the lower end of the market.
Values across the most expensive quarter of the market rose 7.2 per cent in the past six months compared with a 4.9 per cent rise in the bottom quarter.
