Australia’s capital city home prices were flat last month, after growing 10 per cent in the eight months to January.
RP Data-Rismark today reported that the February result put the average, “combined capitals” home price up 4.8 per cent since the previous peak in October 2010.
But growth has been uneven, with increases in Melbourne (2.4 per cent), Perth (2.3 per cent) and – significantly – Sydney (12.6 per cent) offsetting falls elsewhere.
From RP Data’s report:
Despite Sydney’s recent strength, RP Data noted that house prices in the city grew at only 2.9 per cent a year in the past decade, against a combined capitals average of 4.4 per cent.
“Arguably, this market is playing catch-up before settling into a more sustainable rate of growth,” Rismark Internatioanl CEO Ben Skilbeck said.
“Looking forward, uninterrupted successive month–on-month increases are unlikely even in the event positive market environments and high auction clearance rates are maintained.
“Factors such as seasonality, buyer sentiment, perspectives on aspects contributing to future affordability and vendor expectations all contribute to market volatility.”
From RP Data: