01/08/2014 - 11:17

Home values dip in July

01/08/2014 - 11:17

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RP Data-Rismark's monthly look at home prices showed median values in Perth fell by 0.5 per cent in July, taking the quarterly fall in median values to 0.1 per cent.

Home values dip in July

The latest data on Perth's median home values shows a steady market, with price growth moderating in recent months.

RP Data-Rismark's monthly look at home prices showed median values in Perth fell by 0.5 per cent in July, taking the quarterly fall in median values to 0.1 per cent.

The slight dip in values recorded by RP Data in July followed a rise of 1.2 per cent in June, which was preceded by a 0.8 per cent fall in May.

Over the past year Perth median home values have risen by 3 per cent to $519,000, RP Data said.

Across Australia, capital city home values were up 1.1 per cent for the three months ended July 31, and 1.6 per cent higher in July.

Canberra was the best-performing capital city for the quarter, with median home prices up 2.1 per cent, while Adelaide was at the opposite end of the spectrum, recording a 2.6 per cent fall in median values.

The most expensive city in Australia remains Sydney, with a median home price of $650,000, while the cheapest is Hobart, where median values were $300,000.

Australian capital city home values have been trending significantly higher sine June 2012, rising a cumulative 17.4 per cent.

However, RP Data research director Tim Lawless said the growth trend had eased from the peak conditions recorded last year.

He said there were challenges in regional markets, which recorded a 0.7 per cent fall in the June quarter and a year on year growth rate of 3.5 per cent, slightly higher than the rate of inflation.

"Regional markets are of course diverse and range from agricultural regions which are largely driven by weather conditions and export factors, mining and resource-centric areas where the downturn in commodity prices are generally causing weak market conditions, and lifestyle markets where buyer demand is bouncing back," Mr Lawless said.

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