House prices slipping in 2015: RP Data

Perth home values were steady in March but have fallen 2.7 per cent in the first three months of 2015, with the city the weakest performing among all Australian capitals, according to analytics firm CoreLogic RP Data.

CoreLogic RP Data’s monthly home value index showed the Perth median house price was $513,000 at the end of March, with the Western Australian capital the only city to record a loss in value exceeding 1 per cent over the past three months.

In Sydney, median home values were up 5.8 per cent in the March quarter, in Melbourne values were up 3.5 per cent and Canberra was up 4.1 per cent.

Brisbane values fell 0.5 per cent over the past three months, while Adelaide’s were down 0.9 per cent.

CoreLogic RP Data head of research Tim Lawless said dwelling values across the combined capital cities had risen by 24.3 per cent since June 2012, however most of that growth came from Sydney.

“Over the current growth phase, Sydney dwelling values have increased by 38.8 per cent with Melbourne second strongest at 23.6 per cent,” Mr Lawless said.

“On the other hand, total dwelling value growth over the current cycle has been less than 10 per cent in Adelaide, Hobart and Canberra.”

Perth also exhibited the most substantial correction in rental levels, with weekly rents down 4.1 per cent during the past 12 months.

Across Australia, capital city rents have risen by 1.7 per cent over the past year, led again by Sydney, where rents increased by 3.3 per cent.