Dwelling values contract
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.