Looking through the April RPdata house price pack (note i seasonally adjusted the prices myself), i was struck by the apparent slowdown in price growth.
This is particularly surprising, as both the usual lags to monetary policy and microeconomic reform (which made it easier for foreigners to buy homes) suggested to me that prices ought to keep rising (as do auction results).
Looking about the capitals, the issue seems to be falling prices in Brisbane.
This is mostly to do with falling house prices.
The appreciation of house prices in the major markets of Sydney (above) and Melbourne (below) has slowed, but given clearance rates i expect that prices will continue to rise.
The apartment market is generally firm, reflecting rental yields that are similar to mortgage interest rates. There is, however, something very interesting happening in the Canberra apartment market – prices are plunging.
My guess is that the public sector job losses, and expectations of more should the Government change, are weighing on prices.