Home values up and down in November

Home values up and down in NovemberHome values fell by -0.3 per cent across the combined capital cities in November while the annual rate of growth continued to moderate, new data shows.The November CoreLogic RP Data Home Value Index shows values rose in Sydney (1.0 per cent), Perth (0.9 per cent), Brisbane (0.4 per cent) and Hobart (0.2 per cent) but fell across the other capital cities. Melbourne experienced the biggest fall, down -2.6 per cent over the month.The results show the rate of capital growth is slowing, as evidenced by the fact that the combined capital cities experienced growth of 0.8 per cent in the quarter to November.Sydney once again led the pack, with growth of 3.1 per cent during the quarter. Brisbane (1.7 per cent) and Perth (0.4 per cent) also recorded positive growth. All other capitals experienced a fall over the quarter, with Canberra (-3.3 per cent) recording the biggest drop.According to Cameron Kusher, CoreLogic RP Data research analyst, results for the year further suggest that capital growth is slowing.”Although combined capital city home values increased by a healthy 8.5 per cent over the 12 months to November 2014, the annual growth rate is now at its lowest level in the year. The rate of annual home value growth across the combined capital cities continued to slow after peaking at 11.5 per cent over the 12 months to April 2014,” he said.Kusher suggested most cities were past their cyclical peaks and that this was particularly evident in Sydney and Melbourne, where annual value growth peaked at 16.7 per cent in April 2014 and at 11.9 per cent in January 2014 respectively.Home values in Sydney increased by 13.2 per cent over the past year compared to Melbourne, which experienced growth of 8.3 per cent. Brisbane was the third-best city for capital growth, with an increase of 6.0 per cent for the year.With one month remaining, Kusher said capital growth this year would be lower than it was last year. “This year home values have risen by 7.0 per cent compared to growth of 9.8 per cent in 2013,” he said.For more information, go to www.corelogic.com.au