Original Publication: Business News
|Perth home values rise against flat trend|
Perth housing was the standout performer among major capital cities in November, with values rising 1 per cent over the month, new research says.
Nationally, however, home prices were flat in November, the latest RP Data-Rismark International Home Value Index said.
RP Data senior research analyst Cameron Kusher says the flat national result showed a sustained recovery was still distant.
"The road to recovery will not be without pauses and those cities which performed very strongly in 2009 and 2010 like Melbourne may show continued weakness," he said in a statement.
Melbourne house prices fell by one per cent in November, making it the only market to go backwards.
Sydney, Australia's most expensive housing market, posted a lacklustre 0.1 per cent rise in November while prices increased by 0.5 per cent in both Adelaide and Brisbane.
On a longer-term basis, Hobart was the most troubled market, falling by 4.5 per cent in the September quarter and seven per cent over the year.
Darwin, by comparison, was in a much better position, enjoying a quarterly house price increase of 3.1 per cent and an annual jump of 13.1 per cent.
First home buyers after an affordable place to live, however, are being urged to consider living in the capitals of Australia's mining rich states.
"Home values in Brisbane and Perth remain below where they were five years ago whereas the other mainland cities have all increased over this period," he said.