01/03/2013 - 10:55

Perth home values dip slightly in February

01/03/2013 - 10:55

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Perth home values dip slightly in February

Perth's residential property sector was one of three capital city markets to report a fall in value in February, industry analyst RP Data says.

RP Data-Rismark’s monthly home value index put the Perth median dwelling price at $465,000, down 0.8 per cent on January’s figure.

Home values for the quarter, however, achieved a 1.1 per cent rise in Perth.

Across Australia, five of the eight capital city markets recorded growth for the month, contributing to a national rise of 0.3 per cent.

In Melbourne, house prices rose 1.5 per cent in February, while Darwin home values rose 2.3 per cent.

Sydney houses were up 0.1 per cent in February, while Brisbane homes lost 1.1 per cent in value, the survey said.

On a quarterly basis, however, every capital city recorded a lift in dwelling values other than Adelaide and Darwin.

Hobart prices were up 4.2 per cent for the quarter, while Melbourne homes rose 2.2 per cent in value. Sydney recorded a 0.9 per cent rise, while Brisbane homes were up 0.6 per cent for the three months to the end of February.

Darwin homes were down 2.5 per cent, while Adelaide houses dipped by 0.3 per cent for the quarter.

“The February results are not as broad-based as what was recorded in January with half of Australia’s capital cities recording a lift in dwelling values over the month, while the other half recorded a drop,” RP Data research director Tim Lawless said.

Rismark International’s Ben Skilbeck said the housing market was responding positively to near-record low monetary policy settings.

“A recent statement by the RBA governor and the House of Representatives noted that lending rates have fallen to levels not far from their historic lows and the share of household income devoted to interest payments has declined considerably while housing affordability, as conveniently measured, has improved a lot over the past two years,” Mr Skilbeck said.

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