Capital cities enjoy property value growth
Sydney, Canberra and Darwin have all managed to buck the trend in home values and actually produced small capital gains.
According to new research by RP Data, Canberra was the standout performer last month, recording 1.9 per cent growth in property values.
Darwin wasn’t far behind with 0.6 per cent growth and Sydney managed to improve marginally with 0.1 per cent growth.
Melbourne on the other hand, led the downwards spiral, with property values slipping 1.4 per cent in the capital city last month.
But, RP Data’s research director Tim Lawless said the fall in Melbourne house prices shouldn’t alarm potential investors.
“After rising by a stunning 29 per cent over 2009 and 2010, Melbourne values had now corrected by 5.3 per cent in 2011,” he said.