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As the Reserve Bank of Australia lifted first home buyer spirits across the country today by announcing interest rates will stay at the current record lows, RP Data-Rismark reports that dwelling values across Australia’s capital cities dropped by 1.9% in May.
It’s the first time in 12 months that the capital city values have fallen.
The Professionals CEO, Ted Piteo, attributed part of this fall to seasonal elements, with late autumn/early winter often signaling a softer market. However, after a strong period of growth, particularly in Australia’s largest capitals of Sydney and Melbourne, the industry is prepared for more moderate growth for the remainder of 2014.
RP Data said that auction clearance levels in capital cities had been weaker since late February when they hit 76%. The Real Estate Institute of South Australia reported an auction clearance rate of 67% in the week ending May 25.
The best performing capital city for May was Darwin with growth of 5.5% while the weakest was Melbourne, down 1.9%
Adelaide was down 1.8% for the month with a median house price currently sitting at $395,000. Over the year, Adelaide has shown 4.3% median house price growth