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Growth flattens out in September

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The acceleration in dwelling values slowed in September, signalling the heat may be coming out of the housing market, according to new information from RP Data.

Combined capital city values climbed by just 0.1 per cent over the last month, with five of the eight capitals recording falls.

The biggest slowdown came in Darwin, where values eased by 1.0 per cent.

Other recorded declines were 0.8 per cent in Melbourne, 0.5 per cent in Canberra, 0.4 per cent in Perth and 0.3 per cent in Hobart.

On the other hand, Adelaide jumped to the head of the pack, recording growth of 0.9 per cent over the month.

Sydney climbed by 0.8 per cent while Brisbane was up by 0.7 per cent.

RP Data’s research head Tim Lawless said values had begun moderating since April this year.

“The fact that the annual trend of capital growth has been trending lower is an important factor to note as it highlights that the rate of capital gain is no longer accelerating,” he said.

“Even though housing market conditions remain very buoyant, we have been seeing the 12-month trend drifting lower since peaking at 11.5 per cent in April.”

In his view, softer results are likely to be welcomed by policy makers concerned about rising prices.

 

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