The RP Data-Rismark International Home Value Index has now recorded its fastest rate of annual growth across capital cities since October 2010.
Results for November showed moderate value growth across capital cities over the month where home values rose by just 0.1%.
Although this was a slowdown in growth over the month, the combined capital city home values are 8% higher over the last 12 months and 8.3% higher for 2013 so far.
RP Data’s Senior Research Analyst Cameron Kusher noted that the slowing rate of capital city home value growth indicates a potential moderation in overall growth.
Sydney and Melbourne have recorded relatively strong levels of annual value growth and are up 12.5% and 6.6% respectively over the last 12 months. However, over the past couple of months, the monthly rate of growth in both cities has slowed.
Kusher commented that while further growth is likely for this cycle, it may be the case that the peak rate of value growth in both cities has now passed.
Although home values are generally trending higher across capital cities, Sydney and Perth
remain the only capital city markets where home values are now higher than they were at their previous peak.
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