Bloomberg News

Australian Home Values Fall 3.2% as Top End Prices Decline

September 29, 2011

Sept. 30 (Bloomberg) -- Australian home values fell 3.2 percent in the year to August, with the top end of the market seeing steep declines, according to the RP Data-Rismark Home Hedonic Index.

Prices across Australia’s eight capital cities fell a seasonally adjusted 1.4 percent in the three months to Aug. 30 and 0.4 percent during the month, RP Data and Rismark International, which compile the index, said in an e-mailed report. Values in the most expensive 20 percent of suburbs slid 5.5 percent over the year, compared with a 2.9 percent decline in the lowest 20 percent and 3.1 percent in the middle 60 percent, it showed.

Total returns, which include rents, rose 1.1 percent from a year ago, after rents surged at an annualized 4.9 percent pace in the first half of 2011, RP Data said.

--Editors: Tomoko Yamazaki, Linus Chua

To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net


The Good Business Issue
LIMITED-TIME OFFER SUBSCRIBE NOW
 
blog comments powered by Disqus