House prices slow in October
Housing prices in Australia’s capital cities rose 0.2 per cent in October, slowing from a 0.9 per cent gain in September.
The headline result from the latest reading from the Home Value Index was flagged last week by its compiler, CoreLogic RP Data.
Annual growth in prices slowed from 11.0 per cent to 10.1 per cent overall, with Sydney and Melbourne both posting modest gains – 0.3 per cent and 0.6 per cent, respectively – in October, the detailed figures on Monday showed.
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Perth prices, which have been falling since the beginning of 2014, show no sign of slowing in their decline. They are down 3.6 per cent year-on-year.
Sydney continued to grow ahead of other cities (+15.6 per cent year-on-year) followed by Melbourne (+12.8 per cent), Canberra (+4.5 per cent), Brisbane (+4.4 per cent), Hobart (+3.7 per cent) and Adelaide (+2.3 per cent).
Darwin, which is too small to significantly affect the national figures, saw price falls of 3.7 per cent.