October plunge for capital city values

by BN01 Nov 2012

RP Data will today release figures that show the first month-on-month fall in capital city dwelling values since May.

The research house said brokers could expect its October figures released today to demonstrate a 1% fall in capital city values during the month, reversing a 3.1% gain recorded between June and September.

RP Data said Adelaide and Melbourne are likely to show the largest month-on-month falls acros the major capital cities during October, with values down 2.1% and 1.6% respectively.

The latest figures show the market is still 'delicately balanced', according to RP Data, which called on the Reserve Bank to keep this in mind when it met to consider a further rate cut on Melbourne Cup day.