Adelaide, Perth House Prices Surpass Melbourne

For the 19th consecutive month, home values have continued to rise nationally, with August recording a 0.5 percent increase, according to property researcher CoreLogic. However, different cities have shown vastly different performances. Perth lead the way for capital city growth with a 2 percent monthly increase, followed by Adelaide at 1.4 percent and Brisbane at 1.1 percent. As a result, Melbourne’s median dwelling value has now been overtaken by Adelaide and Perth, making it the third-lowest among capital cities. Adelaide’s median is $790,800, Perth’s is $785,250, and Melbourne’s is $776,044. Melbourne’s home values have declined for six consecutive months, influenced by the increased tax burden on investment properties....