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Home values in Australia’s capital cities recorded a decline this month, according to new research by RP Data.
Since the market peak in May 2010, the RP Data Rismark Capital City Home Value Index has declined by 1.2 per cent on a seasonally adjusted basis.
Across all regions, the national median dwelling price in the three months to August was $410,000, which represents a decline of $5,000 since July.
RP Data’s research director Tim Lawless said the drop in house values was largely expected.
“Just 12 months ago mortgage rates were 160 basis points lower and the market was still benefiting from the first home buyer boost. Since the RBA has normalised rates with six hikes, combined with additional bank top-ups, capital growth has halted. However, property owners are still realising positive total returns due to the effect of direct or imputed rents,” he said.
Property refers to either a tangible or intangible item that an individual or business has legal rights or ownership of, such as houses, cars, stocks or bond certificates.