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House price growth has slowed down nationally.
PROPERTY price growth has slipped to its slowest pace in close to three years.
The latest figures from CoreLogic RP Data revealed during March capital city dwelling values rose by only 0.2 per cent.
The figures show the slow down has well and truly taken hold with no Australian capital city recording an annual growth rate in the double digits in the past twelve months.
The best performer during March was Darwin, where values increased by 2.1 per cent.
Perth recorded a surprise 1.2 per cent increase, followed by Sydney, 1 per cent, and Adelaide 0.5 per cent.
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Values dropped in Brisbane, Melbourne and Hobart during the month, by 1.2 per cent, 0.6 per cent and 1.1 per cent.
With the latest figures added in Melbourne has had the highest level of price growth year on year with values up by 9.8 per cent.
Tim Lawless said the slow down was very controlled.Source:News Corp Australia
Sydney however retained the mantle of highest median dwelling price which sat at $730,000.
CoreLogic RP Data research director Tim Lawless said following the March results the annual rate of capital growth across all capital cities had now hit its lowest point in 31 months - values were up only 6.4 per cent over the past 12 months.
“The housing market has been losing momentum since July last year, when capital city dwelling values were increasing at the annual rate of 11.1 per cent,’’ he said.
“We are still seeing values up by 1.6 per cent over the quarter which is still reasonably robust growth and when you remember the forecasts we put out just recently they are looking at a rate of growth over 2106 that is likely to be below 3 per cent per annum by the end of the year.
“So a slow down of what we are seeing isn’t really any surprise, particularly considering the fact it is largely driven by a slow down in Sydney where I think everybody expected to see the rate of value growth falling from its very high levels.’’
Mr Lawless said across the board he was not surprised to see a very controlled slow down.
“We are not seeing anything falling off a cliff, I think that is probably the most encouraging news,’’ he said.
“We are seeing what is very much the normal cyclical part of the market after a very strong upside.’’