National housing recovery takes a dip
After four consecutive months of increases, Australia's capital city house values have decreased by one per cent, the latest figures have revealed.
October's RP Data-Rismark Home Value index showed the first decline in residential property values since May, with every capital city - bar Perth and Darwin - recording a fall.
Hobart recorded the biggest dip in values, dropping by four per cent month on month, followed by Adelaide at 2.4 per cent, Canberra with 1.3 per cent, Melbourne with 1.1 per cent, and Sydney and Brisbane at 0.9 per cent.
In comparison, Perth recorded a 0.4 per cent increase, and Darwin home values jumped by four per cent.
While the figures aren't likely to be welcomed by homeowners, the quarterly figured showed a more positive outlook, with most capital cities recording a gain in dwelling values for the three months to October.
RP Data research director Tim Lawless said October's results were just a sidestep to a recovering market.
"Other factors are suggesting the market has gathered some strength, with auction clearance rates holding firm around the 60 per cent market across the two major auction markets and owner occupier housing finance numbers showing steady improvements since February 2012, albeit from a very low base," Mr Lawless explained.