RPData on housing prices released this morning:
- Values rose most in Adelaide, up 0.9 per cent for the month, and Sydney, up 0.8 per cent, while values in Darwin recorded the biggest decline, down 1 per cent, followed by Melbourne, down 0.8 per cent.
- But quarterly dwelling value increases highlighted the strong growth conditions in Sydney and Melbourne, up 4.1 per cent and 3.7 per cent respectively for the three months ending September.
- Auction clearance rates also remain high, with the past week the fifth consecutive where the average national clearance rate has been above 70 per cent.
Tim Lawless, head of research at RP Data:
- Said more listings would come onto the market over the summer months, testing whether the additional stock would be absorbed by an increase in buyer numbers.
- ”The annual rate of appreciation in dwelling values has actually been moderating since reaching a peak in April this year”
- “The fact that the annual trend of capital growth has been trending lower is an important factor to note as it highlights that the rate of capital gain is no longer accelerating.
- Even though housing market conditions remain very buoyant, we have been seeing the 12-month trend drifting lower since peaking at 11.5 per cent in April.”
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Earlier today on the RBA and housing::
Australia – “The Reserve Bank is caught between a rock and hard place”
“Australian policymakers have two housing markets to worry about” …. which carries the most risk?
Australia – “RBA seen as cautious on macro-prudential tools”
