Capital city home price growth has slowed slightly, as a weak economic outlook overshadows expectations of more interest rate cuts, a survey shows.
Capital city dwelling values rose by a seasonally adjusted 0.3 per cent in February, and were up 8.3 per cent in the 12 months to February, the RP Data-Core Logic Home Value Index shows.
RP Data research director Tim Lawless said weak jobs growth, higher unemployment and declining housing affordability might mean that lower interest rate might not give the housing sector the boost it usually does.
Capital city house prices – 12 months to February
* Sydney – rose 13.7pct, median price $680,000
* Melbourne – rose 7.4pct, median price $515,000
* Brisbane – rose 5.9pct, median price $452,200
* Adelaide – rose 3.4pct, median price $410,000
* Canberra – rose 1.8pct, median price $510,000
* Darwin – rose 1.6pct, median price $530,000
* Hobart – rose 0.7pct, median price $336,500
* Perth – rose 0.6pct, median price $510,000
Source: Australian Bureau of Statistics
