But Sydney remains a property hotspot while Melbourne and Canberra lose some momentum. House prices in Australia’s eight capital cities rose by an average of just 0.1 per cent in November, following strong rises in September and October, of 1.6 per cent and 1.3 per cent, respectively, the RP Data-Rismark home values report shows.
While house price growth flatlined in November, annual home values grew by eight per cent, the fastest pace since October 2010.
But RP Data senior research analyst Cameron Kusher says the moderation in growth during November could be a sign of things to come.
“The slowing rate of capital city home value growth indicates a potential moderation in overall growth,” he said in a statement.
Median house prices rose to $525,000 in November but Sydney homes continue to be the most expensive, with median prices of $640,000.
Sydney prices rose by 0.9 per cent in November for an annual increase of 12.5 per cent. Perth also enjoyed strong returns, with prices increasing by 2.9 per cent last month for an annual rise of 8.9 per cent.
But Melbourne and Canberra both posted losses in November, of 2.1 per cent and 1.3 per cent, while Brisbane house price growth was flat during the month.
Hobart was the only city to go backwards over the year, with values falling by half a per cent in November and 1.4 per cent annually.