Housing values in Adelaide fell by 1.8 per cent in May, according to figures released this morning.
The RP Data – Rismark report said values across all Australian capital cities fell by 1.9 per cent – the first month-on-month fall since May last year.
RP Data research director Tim Lawless said the month-on-month fall was “likely due in part to seasonal phenomenon, but may also be indicative of a broader trend towards cooler housing market conditions”.
“Historically, housing market conditions have softened in April and May as the market rebalances from what is typically a seasonally strong first quarter and also as a result of cooler climatic conditions during the autumn and winter months,” he said.
You might like
“Outside of the seasonality, we have been seeing signs that the housing market is at or approaching the peak of the growth cycle.”
Melbourne recorded the biggest drop in dwelling values during May, with -3.6 per cent, while Darwin performed best, with an increase of 1.0 per cent.
RP Data reported that over the past three months, capital city dwelling values across Australia were up 0.7 per cent, the lowest rolling quarterly rate of dwelling value appreciation since the three months ending June 2013.
In Adelaide, dwelling values were up 1.6 per cent over the quarter to May 31, 2014, and 4.3 per cent year-on-year.
Want to see more stories from InDaily SA in your Google search results?
- Click here to set InDaily SA as a preferred source.
- Tick the box next to "InDaily SA". That's it.
