Australia’s property price index reaches high
Property prices in Australian capital cities increased by 0.8 per cent in July, a new record high, with values now 6.3 per cent higher than the first seven months of the year, the latest published data shows.
However, while overall values are still rising, four of Australia’s eight capital cities recorded a fall in dwelling values over the month, the Core Logic July home value index also shows.
Simultaneously, the rate of growth across the combined capitals aggregate index slipped back a notch after bouncing higher in April and May. The annual rate of growth, which hit a recent peak at 11.1 per cent across the combined capitals index in October last year, is now tracking at 6.1 per cent, the slowest annual rate of appreciation since September 2013.
Sydney and Melbourne have also seen the annual rate of growth slip back to below 10 per cent with the July indices showing a respective 9.1 per cent and 7.5 per cent capital gain over the past 12 months. Previously both Sydney and Melbourne’s capital gains peaked higher with Sydney reaching a peak rate of annual growth in July last year when dwelling values were rising by 18.4 per cent annum and when Melbourne values were increasing by 14.2 per cent per annum over the 12 months ending September last year.