According to property analysts RP Data, house prices contracted by 0.5 per cent over the month of April after posting a solid 2.8 per cent gain over the first three months of 2013.
Across the major cities:
- Sydney values were down 0.4 per cent,
- Melbourne’s fell 0.5 per cent,
- Brisbane’s dropped 0.7 per cent,
- Perth’s fell a substantial 2.5 per cent,
- Adelaide were up 2.8 per cent (the rise was likely due to ‘‘natural volatility’’ from a small number of sales),
- Darwin’s rose by 0.2 per cent.
Over the year to April, Australia’s dwelling values were up 2.7 per cent while units rose 2.5 per cent.
Other data confirms a similar a mild recovery in the housing market this year.
Fairfax-owned Australian Property Monitors released figures last week showing the national median house price rose 1.7 per cent in the March quarter, its second consecutive quarterly increase.