Monday, May 31, 2010

Housing Cooling Across the Country

Based on the April RP Data-Rismark Hedonic Home Value Index results, Australia’s housing market has started to display the first signs of a long-anticipated cooling in conditions in line with other recent data, such as weaker auction clearance rates, lower consumer confidence, six interest rate rises in the year and lower finance approvals.
In the month of April, Australian capital city home values (including all houses and units) rose by just 0.2 per cent, which is the lowest monthly growth rate RP Data-Rismark have recorded since the end of the GFC-induced downturn in December 2008. On a seasonally-adjusted basis,* Australian capital city home values advanced by 0.3 per cent.**
All the capital city growth rates recorded in the month of April were substantially less than the national average of 1 per cent per month over the previous year. Indeed, Melbourne’s monthly growth rate of 0.8 per cent in April was half the 1.6 per cent per month average in the year to March.
Read more at Business Spectator

Unit prices fell by 4.1 per cent in Perth to $410,000 and median house prices rose $500 to $495,500 which is the second lowest performance amongst the captial cities around 

A drive down Mt Pleasant showed twelve houses on sale in one main street and on a Saturday, most street corners had home open signs up. 

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