Strength across Australia for home values
The first quarter of 2014 ended strongly for the Australian property market, spelling good news for existing homeowners as well as those considering mortgages for property investment.
High growth in dwelling values for Melbourne, Sydney and Hobart between 2013's final quarter and the 2014 March quarter puts property owners in an ideal position if they're looking to sell.
Strength in Sydney
In Sydney, the quarter-on-quarter change was 4.4 per cent, well ahead of the 3.5 per cent national average. Between February and March, Sydney house prices soared by 2.8 per cent, according to the RP Data-Rismark March Hedonic Home Value Index Results.
This favourable increase may be put down to March generally being a stronger month for dwelling value changes, noted Rismark Managing Director Ben Skilbeck.
March was not just a strong month for Sydney, although the city's 15.6 per cent year-on-year growth to March 2014 was certainly well ahead of the combined capital average (10.6 per cent).
Top show in Melbourne
Melbourne stole the show, winning the title of "best performing capital city".
The quarter-on-quarter increase in dwelling values (5.4 per cent) was the highest of the capitals, even beating out booming Sydney at 4.4 per cent.
Year-on-year increases to March 2014 for the Victorian capital were also favourable for homeowners, with a figure of 11.6 per cent.
Melbourne homeowners who have been paying off their mortgage for some time may be in an enviable position if they're looking to sell their existing home for a good price. In order to make the move to a new property, a mortgage refinance will be necessary.
Investment opportunities in Darwin
Darwin properties recorded the highest rental yield, coming in at 5.9 per cent for houses and 6.2 per cent for units during March. This could present opportunities for investors.
House prices grew by 2.8 per cent quarter-on-quarter, ahead of the rest of state average but slightly behind the combined capitals average.