Our property markets took a well deserved breather in May as capital city dwelling values rose 9% over past 12 months
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The CoreLogic RP Data Hedonic Home Value Index reveals the pace of home value growth stalled in May with dwelling values down 0.9% over the month.
After an increase in dwelling values of 3.8 per cent over the first four months of the year, the May CoreLogic RP Data Home Value Index results out today recorded a drop of 0.9 per cent for the month across the combined capitals index; the first month-on-month fall since November last year.
The negative monthly growth figure comes at a time when dwelling values have been trending higher, driven by exceptionally strong housing market conditions in Sydney, and to a lesser extent in Melbourne.
The weaker reading across the May results is likely to be short-lived, with the Index expected to show value better growth next month.