Australia house price slowdown
01 September 2015 by News Desk
There has been a slowdown in the price growth of houses and apartments in Australia.
Latest figures show that while residential prices in New South Wales and Victoria continue to rise, prices in Sydney are forecast to slow over the coming year as more homes are built. Right now, prices Sydney and Melbourne are increasing at their slowest rate on record.
Across the country as a whole, house prices in Capital cities continued to rise in August but at a slower rate than previously. Sydney had the highest monthly movement, with prices last month rising 1.1%. Adelaide is up (0.7%) and Darwin (0.3%), with Melbourne and Brisbane stable. Residential prices across Melbourne were 8.0% higher over the past three months, Sydney is up 7.4% and Brisbane has seen an increase of 2.2%.
Over the past three months Australia’s three largest capital cities, together with Hobart, have all recorded growth in house prices while half of the nation’s capital cities have recorded a fall. Darwin has seen the biggest fall (3.2%), Perth (1.5%), Canberra (0.8%) and Adelaide has seen a fall of 0.1%.
