Market Watch

The October results from the RP Data-Rismark Home Value Index indicate that the value of capital city homes in Australia has fallen 4.0% overall during the last year, but more significantly for Queenslanders, there was an 8.0% fall in Brisbane house values. In other words, a home with a market value of $450,000 last year is now worth around $414,000.

Auction clearance rates remain depressed last week. Although there was an increase in the number of auctions held (2,139 auctions) and a slight improvement in Melbourne’s clearance rate (from 45.9% to 52.1%), Brisbane fell from 30.1% to 22.7%. This wins Brisbane the dubious honour of the second worst auction clearance rates in the country.

Let’s hope that the RBA interest rate cuts will be reflected in the November results.

*Data courtesy of rpdata.com