Home Prices Up Except For Canberra
Australian property prices rose in April, with Hobart and Adelaide outpacing increases in the bigger capital cities. Home values in Australia's capital cities were up 0.8 per cent, easing from March's 1.4 per cent rise, the CoreLogic RP Data home value index out Friday showed.
Prices in Hobart and Adelaide were both up 1.6 per cent, followed by Sydney, where prices rose by one per cent. Sydney still recorded the biggest jump year-on-year, with a massive 14.5 per cent surge.
Canberra was the only capital city where prices fell last month, dropping 1.5 per cent.
RP Data head of research Tim Lawless said some markets were starting to slow, despite the positive overall picture.
"While the headline growth figures remain strong it is clear that some markets are winding down," Mr Lawless said.
"The rate of growth in Perth and Darwin has slowed substantially in line with the wind down of major infrastructure projects associated with the resources sector.
"The housing market in Canberra has also softened post federal election." Mr Lawless said Sydney and Melbourne markets had been buoyed by the Reserve Bank's February interest rate cut.
Australia's median capital city house price stands at $560,000 with Sydney homes selling for $732,000 and Melbourne dwellings going for $555,000.
MEDIAN HOME PRICES IN APRIL
* Sydney, up 1.0pct to $732,500
* Melbourne, up 0.8pct to $555,000
* Brisbane, up 0.6pct to $452,000
* Adelaide, up 1.6pct to $400,000
* Perth, up 0.6pct to $520,000
* Hobart, up 1.6pct to $320,000
* Darwin, up 0.3pct to $540,000
* Canberra, down 1.5pct to $530,000
Source: RP Data