Monthly Unit Prices buck National Trend
Figures recently released by RP Data-Rismark in their Home Value Index showed that Canberra was the sole Australian capital city to have a rise in the average value of units in May, in the middle of a soft national property market.
While the data revealed that unit values rose by 1.3% in the month of May, this increase followed a 2.3% dip in the previous month, and bucked the city’s current trend of a 3.5% drop in property values over the last three months.
National research director for RP Data-Rismark, Tim Lawless, emphasised that Canberra units can show a little volatility in monthly rates, therefore it’s questionable how much meaning can be attached to the May increase.
Uncertainty is still at a high level for investors and residents in the local property sector.
According to the data, contrary to the May results for units, the figures showed that Canberra house prices are generally better off than apartments when compared to the averages of the Australian capital cities in the long term.
Mr Lawless claimed that the shortage of supply was a key factor in regards to the better performance of Canberra’s house prices.