Home values stabilise in July
After a large 1.0% seasonally-adjusted fall in June, Australian home values changed little in the month of July, recording an increase of +0.1% (up +0.4% seasonally-adjusted). According to the RP Data-Rismark Hedonic Home Value Index, Australia’s capital city home values remained relatively flat in the month of July recording a modest, seasonally-adjusted increase of 0.4% (on a raw basis home values were up only +0.1% in the month). The July results follow a 1.0% seasonally-adjusted decline in the month of June; the first negative movement in Australian capital city home values in 17 months.
The slow-down in Australia’s housing market had been long anticipated by RP Data and Rismark and was noted by the Reserve Bank of Australia in its most recent Board Minutes. According to RP Data’s research director, Tim Lawless, the July index results are further evidence that Australia’s housing market has experienced a controlled soft landing after a resounding recovery during 2009.
Source: RP Data