The RP Data-Rismark Home Value index results for
October recorded the first month-on-month decline
since May 2012, with the eight capital city aggregate
index falling by -1.0 per cent over the month. The fall
was broad-based, with falls being experienced
across each of the capital cities apart from Perth and
Darwin.
Both Sydney and Brisbane markets recorded a -0.9
per cent fall in values over the month, while
Melbourne values experienced a larger -1.1 per cent
fall.
On an annual basis, only Sydney (+0.6%), Perth
(+3.5%) and Darwin (+8.6%) have shown a rise.
“Whether the October decline is a blip on the path to
a recovering market, or a sign of further weakness is
yet to be seen. Other indicators are suggesting the
market has gathered some strength, with auction
clearance rates holding firm around the 60% mark
across the two major auction markets and owner
occupier housing finance numbers showing steady
improvements since February 2012, albeit from a
very low base."
While unit markets showed a more resilient performance across the combined eight cities aggregate index, with
values down -0.6 per cent in October, compared with a -1.0 per cent decline across the detached housing
market, the cities of Melbourne and Adelaide both recorded a larger -3.2 per cent fall in unit values over the
month. In particular, Melbourne unit values have shown a greater decline in values than any other mainland
capital city over the past twelve months, recording a 6.0 per cent drop.
Brisbane apartment prices (to 31 October 2012):
October 2012 - down 0.3%
Quarter - up 1%
Year to Date - down 2.9%
Year on Year - down 4.4%
Median price based on settled sales of Brisbane apartments over the quarter - $363,000.
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