Real estate on an Australian downer
The real estate sector is weaker than it was, the Housing Industry Association warned in a survey of property price transfer data reported yesterday by the ABS."This deceleration in property price growth has occurred against a backdrop of waning momentum in property transfers, particularly amongst non-detached housing," the HIA said."The volume of attached dwelling transfers across Australia grew strongly in 2013 and 2014. "The volume of transfers was virtually unchanged in 2015 and signs of a pull-back in 2016 are now emerging."The HIA said that over "the year to the March 2016 quarter, dwelling price growth remained strongest in Melbourne (+9.8 per cent), followed by Sydney (+9.7 per cent). "Over the same period, Canberra (+4.6 per cent) ranked third for price growth, followed by Hobart (+4.2 per cent), Brisbane (+4.1 per cent) and Adelaide (+3.1 per cent). Dwelling prices continued to decline in both Darwin (-4.9 per cent) and in Perth (-4.5 per cent) in the year to the March 2016 quarter."