Housing’s steady melt continues

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The monthly RPData stats are out today and the slow melt continues.

The value of homes overall fell 0.4 per cent during August. Perth down 2 per cent, Canberra down 1.8 per cent, Adelaide down 0.6, Melbourne and Brisbane down 0.2 per cent, Sydney flat, Darwin up 0.2.

Charts below.

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From Bloomberg

Australian home values fell 3.2 percent in the year to August, with the top end of the market seeing steep declines, according to the RP Data-Rismark Home Hedonic Index.

Prices across Australia’s eight capital cities fell a seasonally adjusted 1.4 percent in the three months to Aug. 30 and 0.4 percent during the month, RP Data and Rismark International, which compile the index, said in an e-mailed report. Values in the most expensive 20 percent of suburbs slid 5.5 percent over the year, compared with a 2.9 percent decline in the lowest 20 percent and 3.1 percent in the middle 60 percent, it showed.

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RPData Sept