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Small drop for property prices seen over November

By Ben Faulks

The latest CoreLogic RP Data Hedonic Home Value Index for November offers some insight into the local Canberra market, with real estate value dropping by 0.5 per cent over November. This could be great news for those looking into buying Belconnen property in the near future, with the region recording a median price of $511,200 for the month. 

CoreLogic RP Data research analyst Cameron Kusher said this slow down has been occurring in multiple capital cities across the nation, adding that it could be expected that the rapid growth seen earlier this year would begin to become a little more sustainable. 

"Although combined capital city home values increased by a healthy 8.5 per cent over the 12 months to November 2014, the annual growth rate is now at its lowest level in the year – the rate of annual home value growth across the combined capital cities continued to slow after peaking at 11.5 per cent over the 12 months to April 2014," said Mr Kusher in a 1 December statement. 

As things continue to slow down, the potential for securing a great deal on Belconnen real estate could be on the rise for interested buyers. 

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