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By Dex Tennyson, for ExpatBriefing.com
18 November, 2014
Residential property data for Australia's eight capital cities shows that combined values rose by 2.2 percent over the past three months, but that the growth rate is slowing and some locations have seen a drop in prices.
According to the RP Data CoreLogic Home Value Index, Sydney, Melbourne, Brisbane, and Adelaide all saw increases over the past three months, with Sydney up by 3.9 percent. However, prices fell in Hobart by 2.8 percent and in Canberra by 2.4 percent.
Further, combined capital city growth for territories in October alone was just 1 percent, with rises in only three cities: Sydney, New South Wales (1.3 percent), Melbourne, Victoria (1.9 percent), and Brisbane, Queensland (0.6 percent).
However, Tim Lawless, who heads RP Data's research and analytics team, said that market indicators remain strong. He explained that the number of properties listed for sale is continuing to rise, including for new properties, and that there are signs of heightened levels of industry and mortgage market activity.
RP Data also reviewed growth over the past 12 months. Values across the combined capital cities have increased by 8.9 percent, slowing from a peak of 11.5 per cent in April. Of these, Sydney home values are 13.1 percent higher than a year ago, Melbourne values are up 8.9 percent, and Brisbane values have increased by 5.6 percent. Darwin has seen a rise of 5 percent, Adelaide of 4.3 percent, Hobart of 4.4 percent, Perth of 3.4 percent, and Canberra of 0.9 percent.
Meanwhile, rents in territories' capital cities rose by just 1.8 percent over the past year, which was the lowest annual change in capital city rents since the year ending August 2003.
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