Melbourne continues downward progression

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Dwelling values across Australia have changed relatively little in the past month, according to data released Monday, with modest rises recorded in all capital cities other than Melbourne.

The RP Data-Rismark Home Value Index results for November show a month-on-month rise in dwelling values for Sydney (0.11%), Brisbane/Gold Coast (0.28%), Adelaide (0.54%) and Perth (1.03%).  Melbourne continued its downward progression, however, with an overall decrease of 0.96%.

The results are unsurprising, with RP Data senior research manager, Cameron Kusher, saying late last week that over the three months to November, values were likely to increase by a mere 0.6%.

In each of the five areas, aside from Melbourne, houses fared better than units. Unit values in Sydney, Adelaide and Perth fell by 0.3%, 0.66% and 0.96%, respectively. Melbourne and Brisbane/Gold Coast saw an increase in unit values of 0.54% and 2.25%, respectively.

House values rose in Sydney (0.21%), Brisbane/Gold Coast (0.04%), Adelaide (0.65%) and Perth (1.18%), but fell in Melbourne by 1.15%.

The Home Value Index measures month-to-month movements in the value of Australian housing markets and provides monthly capital growth measurements across three broad housing types: detached houses, units and a combined dwellings index that includes both houses and units.

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