Darwin sees value rise while other capital cities experience decline
Home prices have been on the rise in Australia for so long you could be forgiven for thinking you misheard the news that the trend is reversing.
However, capital city home price growth has cooled yet again, according to the latest RP Data – Rismark home value index.
The index showed that over the month ending 31 May, capital city dwellings experienced an overall decline in value of 1.9 per cent. This represented the first monthly fall since May 2013.
"The month-on-month fall in capital city dwelling values is likely due in part to seasonal phenomenon, but may also be indicative of a broader trend towards cooler housing market conditions," RP Data research director Tim Lawless said.
"Outside of the seasonality, we have been seeing signs that the housing market is at or approaching the peak of the growth cycle."
At the same time, investors who have purchased property in Nightcliff and other suburbs surrounding Darwin will be glad to know the Northern Territory came out on top on a quarterly basis.
Over the three month period ending 31 May, Darwin was the best performing capital city, posting a 5.5 per cent value increase.