RP Data Update 1-5-14 琳达的礼貌

National Media Release
Pace of capital gains cools in April
Dwelling values across Australia’s capital cities shifted
down a gear in April, rising by just 0.3 per cent across the
RP Data – Rismark combined capital city index. The
slowdown in the rate of capital growth comes after a very
strong 2.3 per cent month-on-month rise in March and
3.5 per cent increase over the first quarter of the year.

Melbourne (-0.5 per cent) and Canberra (-1.1 per cent)
values recorded a fall over the month while growth in
dwelling values across the other capital cities ranged
from 0.2 per cent in Perth and Hobart to 2.1 per cent in
Adelaide. Every capital city recorded an increase over the
past three months with the largest capital gains being
recorded in Darwin (5.1 per cent) and Sydney (4.1 per

Since the housing market moved out of its correction
phase at the end of May 2012, dwelling values across the
combined capital city index have increased by a
cumulative 16.1 per cent through to the end of April
2014. According to RP Data’s Tim Lawless, the strong
market conditions have sparked a new round of debate
around the sustainability of recent rates of housing value
growth and the impact on affordability for housing,
particularly in Sydney and Melbourne.

Mr Lawless said, “The reduction in the rate of capital
gains across the combined capital cities housing market
brings growth back into a more sustainable range and will
be a welcome relief for first home buyers. “

“A lower rate of capital gains in Sydney and Melbourne
where dwelling values surged 22.5 per cent and 16.4 per
cent respectively over the current growth cycle, may now
signal that these markets are moving through their
growth cycle peak. However, we will need to see a few
more months of data before we can establish whether a
slowing trend is now evident in these cities. We have
recently seen auction clearance rates move lower in both
of these markets,” Mr Lawless said

Rismark CEO Ben Skilbeck commented that while the
Sydney housing market recorded yet another increase in
April, it was the lowest rate of monthly growth since its
run of 11 consecutive month-end increases commencing
June 2013.
After a surge in values over the first quarter of this year, April’s housing market results have shown a
marked slowdown in capital gains with dwelling values only 0.3% higher over the month.
Released: Thursday, May 1, 2014
Further information contact: Mitch Koper, RP Data national communications manager – 07 3114 9879 or media@rpdata.com
Highlights over the three months to April 2014

Best performing capital city: Darwin +5.1 per cent

Weakest performing capital city: Canberra, 0.2 per cent

Highest rental yields: Darwin houses with gross rental yield of 5.8 per
cent and Darwin Units at 6.1 per cent

Lowest rental yields: Melbourne houses with gross rental yield of 3.3 per
cent and Melbourne units at 4.2 per cent

Most expensive city: Sydney with a median dwelling price of $680,000

Most affordable city: Hobart with a median dwelling price of $340,000
* Rest of state change in values are for houses only to end of March
Index results as at April 30, 2014
Media enquiries contact: Mitch Koper , RP Data national communications manager – 07 3114 9879 or media@rpdata.com
Change in dwelling values
from previous market peak
to April 2014
Change in dwelling values
from market trough to
April 2014
Annual change in dwelling
values over past 10 years
Change in dwelling values
over past twelve months
Region Month Qtr YOY
Sydney 0.5% 4.1% 16.7% 21.7% $680,000
Melbourne -0.5% 1.6% 11.6% 15.6% $552,000
Brisbane 1.1% 1.9% 6.7% 11.8% $450,000
Adelaide 2.1% 3.3% 3.8% 8.4% $389,000
Perth 0.2% 0.7% 7.7% 12.5% $530,000
Hobart 0.2% 2.8% 4.3% 9.9% $340,000
Darwin 1.1% 5.1% 4.7% 11.3% $560,000
Canberra -1.1% 0.2% 1.2% 5.9% $510,000
Combined capitals 0.3% 2.6% 11.5% 16.2% $550,000
Rest of state* -0.8% 0.3% 2.6% $345,000
Median dwelling
Change in dwelling values Total gross
returns“The last time Sydney strung together 11 consecutive
month-end increases was in November 2007 when
the market added 14.7 per cent and before that in
November 2002 when it delivered 19.6 per cent
growth. The record for Sydney consecutive growth
months was 12 recorded in Nov 1996,” Mr Skilbeck
RP Data’s Mr Lawless said, the slowdown in housing
value growth will likely be another factor that will
help keep the Reserve Bank’s low interest rate setting
in place. The RBA has been keeping a close eye on
the housing market, and while their commentary
hasn’t signalled any housing market alarm bells, the
lower rate of growth will be another signal that
official interest rates don’t need to move higher.”

Sydney’s median house price has broken the
$800,000 mark for the first time on record. The
median house price in Sydney was recorded at a
stunning $802,000 over three months ending April
2014, likely reflecting the increase in housing market
activity at the more expensive end of Sydney’s
housing market. Mr Lawless said that while median
prices aren’t great for measuring the performance of
the housing market, they are useful for
understanding the relativity of housing prices from
region to region. Sydney’s median house price is
currently 30 per cent higher than Melbourne’s and 68
per cent higher than Brisbane’s.

National Media Release (Cont’d)
Media enquiries contact: Mitch Koper , RP Data national communications manager – 07 3114 9879 or media@rpdata.com http://www.rpdata.com/indices
Rolling annual change in dwelling values across broad
value segments, combined capital cities
Gross rental yields
Houses Units
“Relative to the national market, Sydney has a high share of expensive homes and it is this market segment that has
outperformed in the recovery. Over the past 12 months the divergence between the expensive and affordable ends of
the market is evident with the most expensive 25% of the housing market increasing by 11.6 per cent as compared to 9.1
per cent for the most affordable 25% of the market,” Mr Skilbeck said.

Rental yields continue to suffer as dwelling values move higher at a faster pace than rental rates, particularly in those
cities recording very high rates of capital growth. Over the past year capital city rents have increased by just 2.3 per cent
while dwelling values are up by 11.5 per cent.

Gross rental yields on a typical Melbourne house are sitting at 3.3 per cent and Sydney gross yields are a bit higher at 3.7
per cent. According to Mr Lawless, such a scenario of low yields in these two cities suggests that housing values have
moved out of step with rental rates which is likely to dampen some of the investor exuberance we have seen in both of
these markets. I wouldn’t be surprised if Brisbane, where home values are much more affordable and rental yields are
comparatively healthy, will start to see an increase in investor related demand based on Brisbane’s early stage in the
growth cycle and comparatively healthy rental yields,” he said.

Media enquiries contact:
Mitch Koper, RP Data national communications manager – 07 3114 9879 or media@rpdata.com

The indices in grey shading have been designed for trading environments in partnership with the Australian Securities Exchange (www.asx.com.au). Indices under blue shading (Hobart,
Darwin, Canberra, Brisbane and the 8 capital city aggregate) are calculated under the same methodology however are not currently planned to be part of the trading environment.
*The median price is the middle price of all settled sales over the three months to the end of the final month. Median prices are provided as an indicator of what price a typical home sold
for over the most recent quarter. The median price has no direct relationship with the RP Data-Rismark Hedonic Index value. The change in the Index value over time reflects the
underlying capital growth rates generated by residential property in the relevant region.
The RP Data-Rismark Hedonic Index growth rates are not ordinarily influenced by capital expenditure on homes, compositional changes in the types of properties being transacted, or
variations in the type and quality of new homes manufactured over time. The RP Data-Rismark ‘index values’ are not, therefore, the same as the ‘median price’ sold during a given period.
See the methodology below for further details.
Methodology: The RP Data-Rismark Hedonic Home Value Index is calculated using a hedonic regression methodology that addresses the issue of compositional bias associated with
median price and other measures. In simple terms, the index is calculated using recent sales data combined with information about the attributes of individual properties such as the
number of bedrooms and bathrooms, land area and geographical context of the dwelling. By separating each property comprising the index into its various formational and locational
attributes, differing observed sales values for each property can be separated into those associated with varying attributes and those resulting from changes in the underlying residential
property market. Also, by understanding the value associated with each attribute of a given property, this methodology can be used to estimate the value of dwellings with known
characteristics for which there is no recent sales price by observing the characteristics and sales prices of other dwellings which have recently transacted. It then follows that changes in
the market value of the stock of residential property comprising an index can be accurately tracked through time. RP Data owns and maintains Australia’s largest property related database
in Australia which includes transaction data for every home sale within every state and territory. RP Data augments this data with recent sales advice from real estate industry
professionals, listings information and attribute data collected from a variety of sources. For detailed methodological information please visit http://www.rpdata.com Image

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