RP Data April Index Report

Capital city home values fell by 0.5% in April however, they have increased by 2.3% so far in 2013

Capital city dwelling values increased fell -0.5% in April and on an annual basis, they have now increased by 2.7%.   Home values fell in April across every capital city except for Adelaide (2.8%) and Darwin (0.2%).  Over the three months to April 2013, home values increased by 1.1% across the combined capital cities with every capital city except Brisbane (-0.9%), Perth (0.0%) and Hobart (-1.6%) recording value growth, the largest of which occurred in Darwin (5.0%).  Home values remain -3.6% below their historic highs across the combined capitals with falls from the peak ranging from -11.5% in Hobart to Sydney where values are -0.4% lower than their previous peak.  Looking at value movements across broad price segments in the market to March 2013, the broad ‘middle market’ has been the strongest sector with values increasing by 1.9% over the year and the most expensive and most affordable suburbs have each recorded value increases of 0.8%.

Annual sales activity is higher than it was a year ago and trending higher

Estimated sales volumes for  the 12 months to February 2013 were -10.8% below the five year average nationally.   Compared to volumes over the 12 months to February 2012, sales volumes are 2.1% higher.  Sales activity has increased by 1.2% over the most recent six months compared to the previous six months.

Rents continue to edge higher across the combined capital cities however, value growth has been stronger than rental growth over the past quarter

Capital city unit rents have increased by 3% over the 12 months to April 2013.  Gross rental yields for units have remained at 4.9% over the year.