ANZ points to Perth price weakness as out of step with other capitals

The ANZ Australian Housing Market Update has found that Perth remains out of step with the rest of Australian cities, recording price weakness where other capitals are recording an uptick.

ANZ Research’s David Cannington and Stephanie Wong reported that “home prices continued to trend higher across all reported capital cities, except Perth."

Prices in Perth have been easing moderately since the commencement of this year, despite solid increases being recorded in Sydney and Brisbane.

Upticks were recorded by RP Data and ANZ in Sydney, Melbourne, Brisbane and Adelaide, while the other states and territories are not recorded.

Source: RP Data, ANZ Research

Auction sales have remained low, due to public holidays, yet despite this sales are expected to rebound in coming weeks, providing a timely read.

Cannington and Wong noted that when this data comes through after this seasonally-affected period, a more accurate picture of housing strength and momentum, as well as a growth outlook, should be ascertainable.

Year on year, the percentage growth trend is still a positive for Perth, despite being down 0.2% over the month since a gradual softening from the end of 2013.