House prices cool down in May
The Australian housing market continues to cool. In the month of May Australian capital cities have recorded their second consecutive month of single digit annualised price growth. Capital city values were up 0.6 per cent in May while ‘Rest of State’ markets recorded a fall of -0.9 per cent.
The deceleration in capital growth rates first evidenced in RP Data-Rismark’s April index results has continued in May, with capital city home values rising just 0.6 per cent (0.5 per cent seasonally adjusted) and non-capital city values falling by -0.9 per cent (-0.2 per cent seasonally adjusted) over the month. National city dwelling values are up 12.1% over last 12 months according to RPData. The National city median dwelling price is now $468,000.