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Despite market sentiment that property prices were likely to slide, values have remained steady for the first five months of 2008.
According to figures from the latest RP Data Rismark National Residential Property Value Index national dwelling values have so far remained flat.
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Only Perth recorded a material fall in property prices; Melbourne and Sydney experienced mostly neutral growth.
Properties in Adelaide, Brisbane and Canberra registered marginal growth.
RP Data national research director Tim Lawless conceded that properties were taking longer to sell as a result of official interest rates rises and rate rises by the banks, but was hopeful that a small improvement in economic conditions would soon see investors return to the market.
“We believe the current high inflation environment is causing a higher than normal degree of uncertainty amongst investors because of the uncertainty around interest rates.
“The uncertainty is impacting on the market where there are now fewer buyers. However, rental yields are improving and market conditions favouring the buyer, any signs of inflation abating should foreshadow a return of investors to the market,” said Mr Lawless.
Published: 01-07-08
