Soft home value results over April
According to the recently released RP Data-Rismark May 2012 Home Value Index, capital city dwelling values were down -0.8 per cent in the month of April following the stability witnessed over the first quarter of 2012, leaving national home values down -0.7 per cent year to date.
Property values across the combined capital cities of Australia showed renewed softness in the latter half of April with dwelling values falling by -0.8 per cent after a stable first quarter. Over the three months ending April 30 the RP Data-Rismark Index has seen values rise by 0.3 per cent. On a year to date basis, dwelling values are now down -0.7 per cent.
Values were down across five of the eight capital cities over the month of April, with Hobart (-2.9 per cent), Melbourne (-1.7 per cent) and Brisbane (-1.3 per cent) recording the largest falls.
According to RP Data’s research director, Tim Lawless, the housing market gains seen throughout February and March, which delivered a flat first quarter result, have now been mostly offset by the -0.8 per cent fall over the month of April.
Tim Lawless went on to say that segmenting the housing market performance by price point shows that the premium housing market remains the weakest across broad price brackets.
However while April saw values reduce across most capital cities, rents continued to show modest improvements. According to Tim Lawless, at the combined capital city level, the weekly rent on a detached house is up by 4.1 per cent over the year to April and unit rents are up by 3.7 per cent.
For more detailed information about dwelling values and rents in your suburbs of interest, please feel free to contact your local CENTURY 21 real estate office to speak to a property professional for expert, clear advice.