Dwelling values have changed relatively little in the past month, according to data released today, with modest rises recorded in main capital areas 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.