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Australian Home Prices Up with the Exception of Canberra

Australian Home Prices Up with the Exception of Canberra
May 01, 2015 By Wise-owl

According to the CoreLogic RP Data home value index released on Friday, the house prices in Australia’s capital cities were up 0.80 per cent in April. This is compared to the 1.40 per cent increase in March for house prices. Hobart and Adelaide increased the greatest out of the surveyed cities in April. Sydney continued to record strong numbers, with the biggest jump in a year at 14.5 per cent. Month-to-month Sydney home prices rose by 1 per cent. Home prices in Canberra were the exception, with house prices falling 1.50 per cent. Most of the rise in housing prices was attributed to the Reserve Bank’s interest rate cut in February, according to the report.

 Tim Lawless, head of RP Data Research and Analytics, said that although the overall numbers were up, some markets had slower positive growth. “While the headline growth figures remain strong it is clear that some markets are winding down," he said. "The rate of growth in Perth and Darwin has slowed substantially in line with the wind down of major infrastructure projects associated with the resources sector. The housing market in Canberra has also softened post federal election." Australia’s median capital city house price came in at $560,000. The detailed list of median house prices for capital cities in April are as follows:

• Sydney: Up 1 per cent to $732,500
• Melbourne: Up 0.80 per cent to $555,000
• Brisbane: Up 0.60 per cent to $452,000
• Adelaide: Up 1.60 per cent to $400,000
• Perth: Up 0.60 per cent to $520,000
• Hobart: Up 1.60 per cent to $320,000
• Darwin: Up 0.30 per cent to $540,000
• Canberra: Down 1.50 per cent to $530,000

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