December 01, 2014
Price growth of residential property in Australia has continued to slow with figures released by RP Data showing combined capital city home values were down 0.3% per cent in November.
Over the last 12 months, combined capital city home values increased by 8.5 per cent, with the growth rate at it's lowest level for the year.
Despite this slow down Sydney home values continued to perform well increasing by 1 per cent in November, with an annual growth rate of 13.2 per cent.
Melbourne recorded the biggest fall with a 2.6 per cent decrease for the month making it's annual growth rate now 8.3 per cent.
Australia's two largest capital cities have now passed their cyclical peak growth periods, with Sydney peaking at 16.7 per cent in April 2014 and Melbourne at 11.9 per cent in January 2014.
Of the other capital cities, Brisbane recorded the third strongest annual growth of 6 per cent, followed by Hobart at 5.2 percent, Adelaide 2.8 per cent, while Perth and Darwin recorded the weakest annual growth of 1.4 per cent.
RP Data also found that auction clearance rates in Sydney and Melbourne have decreased in recent weeks, while property listing numbers have increased.
The full RP Data figures can be downloaded here.