Dip for Perth property values
Dip for Perth property values

Property values across Perth opened the new year with the biggest fall of any capital city, new figures out this morning show.

RP Data-Rismark reported dwelling values in the city edged down by 1.1 per cent.

All of the fall was in the detached housing sector.

The value of Perth houses edged down by 1.1 per cent through January. Only houses in Darwin suffered a bigger drop.

Despite the fall, house values in Perth were up by 3.3 per cent over the past three months to be 6.9 per cent up over the past 12 months.

The value of units in the city was steady through January. Over the past three months they have increased by just 0.1 per cent although over the past year they are up by 7.5 per cent.

Elsewhere, Melbourne and Sydney continue to drive up values.

Melbourne values were up by 3.2 per cent last month led by a 3.7 per cent jump in the value of detached homes.

In Sydney, values increased by 0.8 per cent led by a one per cent increase in the value of homes.

Over the past year house values in Sydney have climbed by 14 per cent while in Melbourne they are up by 12.4 per cent.

RP research director Tim Lawless said capital cities were a mixed bag with Sydney and Melbourne the standouts while Adelaide, Hobart and Brisbane were mixed.

He said these new figures would be a discussion point at the Reserve Bank which holds its first meeting of the year tomorrow.

"Together with the higher than expected inflation reading and a lower Aussie dollar, the sustained growth in dwelling values is another factor the RBA is likely to consider when deliberating on any movement in the cash rate," he said.

Rismark chief executive Ben Skilbeck said a moderation in prices was likely in Sydney and Melbourne although a fall in prices was not expected.

The West Australian

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