Price recovery eases slightly in October
Price recovery eases slightly in October
Posted on Thursday, November 01 2012 at 2:26 PM
Capital city house prices have had four consecutive months of recovery interrupted by a one per cent fall during the month of October.
The RP Data-Rismark Home Value Index recorded the
first month-on-month decline since May, with the eight capital city aggregate
sliding slightly.
However RP Data’s research director Tim
Lawless says other indicators suggest the housing market is gathering some
strength.
“Auction clearance rates (are) holding firm
around the 60 per cent mark across the two major auction markets and
owner-occupier housing finance numbers (have shown) steady improvements since
February 2012, albeit from a very low base,” Lawless says.
“Whether the October decline is a blip on
the path to a recovering market or a sign of further weakness is yet to be
seen.”
The data for October was described as
“broad-based” although Darwin saw a four per cent lift while Perth values rose
0.4 per cent.
Sydney and Brisbane both saw a 0.9 per cent
drop in values, while Melbourne experienced a 1.1 per cent fall.
Of the mainland capitals, the largest
monthly decline was seen in Adelaide where dwelling values dipped 2.4 per cent.
On a quarterly basis, most capitals
recorded a rise – the largest in Darwin (up 1.5 per cent), followed by Adelaide
(1.3 per cent) and Perth and Sydney (both up 0.7 per cent).
The key to a sustained property market
recovery is consumer confidence, Lawless says.
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