Dwelling val­ues con­tract

Port Douglas & Mossman Gazette - - FRONT PAGE -

DWELLING val­ues 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.

The neg­a­tive re­sult for April brings the rolling quar­terly move­ment in cap­i­tal city dwelling val­ues back to a more sus­tain­able 1.1 per cent. The hous­ing mar­ket reached a re­cent low point at the end of May last year, cap­i­tal city dwelling val­ues have re­cov­ered by 4.2 per cent.

Ac­cord­ing to RP Data’s di­rec­tor of re­search, Tim Law­less, the April re­sults rep­re­sent a stum­ble along the path to re­cov­ery.

‘‘When viewed in line with other met­rics such as auc­tion clear­ance rates, pri­vate treaty in­di­ca­tors and some im­prove­ment in hous­ing fi­nance de­mand, it is likely the neg­a­tive April re­sult will be a blip along the path to re­cov­ery,’’ he said.

‘‘We weren’t ex­pect­ing that the high rate of growth ev­i­denced over the first three months of the year would be sus­tained into April.

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