Monday, November 3, 2014

October is a better month for Brisbane apartment median values

The RP Data CoreLogic Home Value Index registered a 1.0% capital gain across the combined capital cities over the month of October, however the annual rate of growth has continued to trend lower.
According to the RP Data CoreLogic Home Value Index, dwelling values across Australia’s capital cities increased by 1.0 per cent over the month of October. The data highlights that despite a slowdown in growth in September, values continued to rise, increasing by 2.2 per cent over the past three months. Although combined capital city home values were up by 1.0 per cent over the month, only Sydney (1.3%), Melbourne (1.9%) and Brisbane (0.6%) actually recorded value rises over the month.
Dwelling values rose by 2.2 per cent over the three months to October 2014 however, only half of the capital cities actually recorded an increase in values. According to Mr Lawless this result highlights weaker housing market conditions outside of Australia’s largest cities.
According to Mr Lawless, Sydney, Melbourne, Brisbane and Adelaide (which happen to be four of the five largest capital cities), were the only capital cities to record an increase in home values over the past three months. [Note - this does not apply to Brisbane apartments, which recorded a decline for this three month period.]  Sydney continues as a standout with home values increasing at a rate of more than 1 per cent a month, up 3.9 per cent over the past three months. He said that Perth and Canberra have clearly moved through the peak of their growth cycles.
Brisbane apartment prices (to 31 October 2014):
October 2014 - up 1.6%
Quarter - down 0.4%
Year to Date - up 2.6%
Year on Year - up 4.5%
Median price based on settled sales of Brisbane apartments over the quarter - $380,000

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