Home values remained flat in April, according to RP Data’s latest Hedonic Home Value Index.
The Index showed a 0.2 per cent gain in Australia’s capital city housing markets, marking the lowest monthly gain since the end of the GFC induced downturn in December 2008.
However, the news is not all grim. The slowdown follows 16 months of strong gains, with home values still up 11.9 per cent on the previous year.
“A wide range of indicators have been hinting that a slowdown was on the cards,” RP Data’s director of research Tim Lawless said.
“We are in a market now that has lower auction clearances, weaker home loan approvals, and lower consumer confidence. Combined with the six recent interest rate rises, and the fact that home values have recorded very large gains across the market since the start of 2009, it is not surprising to see values start to track sideways.”