Pace Of Growth Slows

While the pace of growth may be slowing slightly, new data shows that Australian property values are continuing to rise.

According to Cotality, median dwelling values in Australia are up by 0.3% over April and units by 0.3%, with almost all major capital city or regional markets recording an increase.

The Perth market shows it still has plenty of steam left in it, with dwelling values up by 6.8% over the quarter, followed by Brisbane (4.7%), Adelaide (3.5%) and Darwin (3%).

Hobart dwelling values are up by 2.6% and Canberra by 0.4%.

While both Sydney and Melbourne recorded drops of 0.9% and 1.5% respectively, both markets are still at higher levels than 12 months ago.

Cotality’s head of research for Australia, Gerard Burg, says: “It does look like the direction we’re heading in is a further slowdown at best, with some markets continuing to soften even further, notably Sydney and Melbourne.”