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Category: Housing Industry / Building and Construction / Economic Trends

Home prices set to stagnate as Sydney boom falls flat

Friday, 1 Apr 2016 07:06:06 | Michael Janda

CoreLogic RP Data has noted a steep rise in the number of Sydney homes for sale. (Reuters: David Gray)

The latest home price index has confirmed that rampant south-east Australian real estate markets are losing steam, while mining states keep struggling.

Core Logic RP Data's widely watched home value index showed a small 0.2 per cent rise in prices during March across the capital cities.

Over the past three months prices were up 1.6 per cent, with a 6.4 per cent rise over the past year.

That is the slowest annual property price growth in about two-and-a-half-years, and well down from peak annual dwelling price growth of approximately 11 per cent around the middle of last year.

Sydney has slowed down from breakneck annual growth approaching 20 per cent to a more modest 7.4 per cent, with further deceleration likely.

Melbourne is now the fastest growing capital at 9.8 per cent annual growth, although its over-supplied apartment sector is showing strain.

Brisbane and Hobart continue to chug along with annual price growth of 4.5 and 4.8 per cent respectively.

More to come.

AustraliaPlus


 

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