Dwelling values across all of Australia’s capital city housing markets, except Melbourne, rose over November with values now just -0.1 per cent lower over the past 12 months.
Across the 8 capital cities, the month of November
saw the RP Data-Rismark Home Value index rise 0.4
per cent during the first two weeks only to relinquish
these gains in the last two weeks and finish flat for
As usual, there existed notable dispersions in the
returns observed across the individual capital cities. According to RP Data Senior Research Analyst
Cameron Kusher, the November market conditions
highlight that the road to a market recovery will not
be without pauses and those cities which performed
very strongly in 2009 and 2010, like Melbourne, may
show continued weakness.
“Capital city home values remain -5.6 per cent lower
than their historic highs of 15 November 2010, but,
up 2% from their low of late May 2012."
Home values in Brisbane and Perth remain below where they were five years ago whereas the other mainland
cities have all increased over this period. This has meant that relative to the other capital cities, Brisbane and
Perth have experienced affordability improvements and subsequently we may see them become more popular
from both an owner occupation and investment perspective.
Brisbane apartment prices (to 30 November 2012):
November 2012 - up 2.3%
Quarter - up 1.2%
Year to Date - down 0.7%
Year on Year - down 0.8%
Median price based on settled sales of Brisbane apartments over the quarter - $360,000.
With interest rates falling again this month, the improvement seen in November may continue through the summer months. BOQ has passed on a 0.2% rate cut, effective 21 December 2012.