A spate of natural disasters across Queensland, New South Wales and Victoria saw January property market activity slump right across the country, a new index has confirmed.
According to the latest RP Data-Rismark Hedonic Home Value Index, Australian capital city values slumped 1.6 per cent in the month of January while rest-of-state markets declined 1.2 per cent.
While January is typically the quietest calendar month for the housing market this was the worst monthly result the Index has ever recorded.
Over the January quarter the capital city which came out best was Adelaide, with values down 1.3 per cent.
Canberra prices slumped the most in the three months to January with a decline of 3.8 per cent while flood-hit Brisbane’s values declined by 2.3 per cent.
Australia’s national capital city median dwelling price now sits at $465,000.