Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

 

Capital city property growth fades

Australian Property Monitors (APM) has said capital city property growth rates are slowing, with the national median house and unit prices dropping to the lowest rate of quarterly growth seen in the past 12 months.

 

According to APM’s latest Quarterly Housing Report, after a strong end to 2013, all capital housing markets have recorded “softening growth rates” over the March quarter.

Advertisement
Advertisement

“Sydney clearly remains the strongest performing capital city; however, growth rates are significantly less than that recorded over the December quarter,” APM said in a statement.

“The median house price rose by +3.1 per cent over the March quarter, down from the extraordinary +5.1 per cent increase seen during the three months to December. Unit prices were up by +2.6 per cent, softening from the +3.2 per cent growth recorded over the previous three month period,” APM added.

APM senior economist Dr Andrew Wilson said the Sydney boom has “well and truly faded”, with house and unit price growth at their lowest rate since March last year.

“The moderation of boom-time results in Sydney can be expected to continue as emerging affordability barriers and declining investor activity impacts the market,” he said.

“Nationally, the December quarter 2013 is likely to be the high water mark in the cycle for growth rates.

“Following the impact of historically low interest rates, local supply and demand factors are reasserting their predominant influence, particularly in regard to employment and incomes growth,” he added.

Capital city property growth fades
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Dr Terry Dwyer, Dwye... - He did not seem to have read the Coronation service and realized the Sovereign is the Lord's Anointed and that there was a Restoration so private.......
DavidL - Why has it been used in high rise construction if it has never been approved for that purpose? How does it get past building inspectors in the first place?....
Mort - This is absolute nonsense from the shadow treasurer, who should know better. Why has Labor excluded non tax paying Commonwealth pensioners, if not for.......
Howard Patterson - It is not a matter of banning the product, it may be perfectly safe on a low rise building. When all the humbug is stripped away, the fact is that.......