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Property values fall 0.7%
Released 3 August 2010

Australia’s capital cities have recorded their first monthly decline in dwelling values after 17 consecutive months of growth, according to RP Data-Rismark.

The Rismark Home Value Index for June saw a decline of 0.7% across Australian capital cities and represented the largely monthly fall in home values since April 2008.

The result follow on from a clear trend in the decline in monthly seasonally-adjusted growth rates in Australia’s capital cities over February (+1.0%), March (+0.9%), April (+0.6%) and May (+0.3%).

RP Data’s national research director Tim Lawless said the results will please Australia’s central bank.

“Combined with the latest inflation figures, the slow-down in the housing market vindicates the RBA’s decision to put interest rates on hold since May 2010.

“With first time buyers finding it harder to access the market as affordability has deteriorated, a freeze in capital growth will offer prospective buyers some much needed breathing room.”

The RBA meets today (3 August) with financial experts predicting interest rates will remain on hold at 4.50%.

The RP Data–Rismark Index is based on Australia’s largest home sales database, which captured nearly 170,000 sales in the six months to June nationally.