National housing figures strong but for Melbourne

MELBOURNE is becoming a drag on the national housing market, with new data showing it's the only capital city where home prices continue to fall.

The sharp 1 per cent decline in dwelling values experienced in Melbourne last month has offset the sometimes strong gains witnessed in other capital cities.

Analysts RP Data-Rismark report dwelling values showed no movement last month across the eight capital cities in November.

The lacklustre performance for the national market comes despite sharp cuts in the Reserve Bank's key interest rate over the past year, including a 25 basis point cut in October.

The aggregate dwelling value also fell despite strong rises of 1 per cent in Perth, 1.1 per cent in Darwin and 1.3 per cent in Canberra.


Topics:  home prices market property

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