Australian property market growth slows

  • 11 years ago
  • Uncategorized

The Australian property market has experienced significant growth in recent months but all this could be coming to an end, according to the latest figures released by RP Data-Rismark.

The data released revealed that house prices in Sydney grew just 0.1 per cent over November, after previously growing at least one per cent each month in the past six months, with the exception of August.

Another key city in the Australian property market, Melbourne, saw property prices plummet 2.1 per cent in November but still managed to post a 6.6 per cent rise over the past 12 months, reports.

Fellow Australian cities Perth and Darwin managed to buck this negative trend and saw their property prices increase by 2.9 per cent and 2.8 per cent respectively.

RP Data-Rismark research analyst Cameron Kusher told that the Australian property market looks as though it has peaked. The market in 2007 and 2008 peaked at around 19 months and began to plateau, which is the stage it is at now.

Mr Kusher said: “Obviously interest rates are still low and there will still be some capital growth in the market, but we don’t think it will be as strong as it has been over the last few months.”

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