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Melbourne and Sydney markets peaked: RP Data
Growth in the Sydney and Melbourne property markets may have peaked, according to RP Data senior research analyst Cameron Kusher.
An RP Data report showed Sydney and Melbourne recorded strong annual growth rates of 12.5 per cent and 6.6 per cent respectively.
Yet in the month of November, Sydney’s growth slowed to 0.9 per cent and Melbourne values dropped by 2.1 per cent.
Mr Kusher said that while further growth is likely for this cycle, it may be the case that the peak rate of value growth in both cities has now passed.
Overall, although dwelling values rose across Australian capital cities in November, results were lower than previous months.
A report by RP Data-Rismark showed the combined capital cities growth rate came to 0.1 per cent in November.
This is a significant slowdown from the 1.6 per cent growth rate recorded in September and the 1.3 per cent in October.
Mr Kusher said the slowing rate of capital city home value growth indicates a potential moderation in overall growth.
Nonetheless, all cities except Hobart have risen in the past 12 months.
Perth was a standout performer, with a growth rate of 8.9 per cent, while Brisbane and Adelaide had more moderate results, between 2.5 and 3 per cent.
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