GFC hits capital city growth

PW

Average annual growth in home values December 2007 to December 2012

SOURCE: RP DATA, RP DATA-RISMARK HOME VALUE INDEX

It’s official! Australian capital city home values have been in the doldrums for some time, increasing at an average annual rate of just 1.9% over the five years to December 2012, according to RP Data.

This is much slower growth than occurred in the previous two five-year periods, with an average annual increase in prices of 8.4% to December 2007 and 12% to December 2002. As can be seen from the graph at left, in the recent five-year period, Darwin prices performed best and Hobart scored worst.

“The global financial crisis, and the subsequent change in consumer attitudes that it has led to, has largely impacted the results of the most recent five years,” says Cameron Kusher, senior researcher at RP Data.

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