The national residential property value indices report released today by RP Data & Rismark International revealed that Australia’s residential property market has defied speculation of a downturn with national dwelling values holding steady during the first five months of 2008. By comparison, the S&P/ASX 200 has fallen by 10.8% during the same period.
In contrast to widespread media reporting of significant house price falls, the RP Data/Rismark International report found that the national residential property market has not suffered any material price declines.
According to RP Data national research director Tim Lawless, national changes in dwelling values have in fact, been flat in the year to May 2008. He said the only capital city to register a material value fall was Perth, while Brisbane, Adelaide, Darwin & Canberra realised value increases. Melbourne and Sydney experienced neutral to slightly negative growth.
Brisbane is continuing to show improvements in property values with overall growth of around 1.7 percent for houses and units during the first five months of 2008. Similar to other markets around Australia, the inner metro areas of Brisbane are recording the highest growth while the outer suburbs have recorded minor falls in value over the last quarter.
Source: RP Data - Rismark (9 August 2008)
09 August 2008
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