Capital city housing values are still rising but at a slower pace. Here's how things are looking where you are – ABC News

Capital city housing values are still rising but at a slower pace. Here's how things are looking where you are
Australia's housing values increased in June, but the pace of growth has slowed.
That's according to last month's data from CoreLogic.
The property data firm revealed a 1.1 per cent rise in national property values over June, backing up May's 1.2 per cent increase.
One capital city continued to lead the charge, while only one city recorded falling prices.
Here's a breakdown of the data. 
Sydney continues to lead the cycle, according to CoreLogic’s research director, Tim Lawless.
“Sydney home values increased another 1.7 per cent in June, taking the cumulative recovery since January through to 6.7 per cent," he said.
"In dollar terms, Sydney’s median housing values are rising by roughly $4,262 a week."
Trailing behind Sydney, Brisbane saw a 1.3 per cent rise last month.
Across the capital cities, Perth is the only capital where home values are at record highs, having recovered from the relatively mild -0.9 per cent decline through the downturn.
Adelaide home values are only -0.3 per cent below record highs and likely to reach a new high point in July, according to CoreLogic. 
A lack of available supply continues to be the main factor keeping upwards pressure on housing values, Mr Lawless said.
“Through June, the flow of new capital city listings was nearly -10 per cent below the previous five-year average and total inventory levels are more than a quarter below average."
"Simultaneously, our June quarter estimate of capital city sales has increased to be 2.1 per cent above the previous five-year average.”
Hobart was the only capital city to record the largest cumulative decline in housing values. 
The city was -12.9 per cent below the record high in May last year. 
 “A slowdown in the pace of capital gains could be a reflection of a change in sentiment as interest rate expectations revise higher,” Mr Lawless said. 
“Higher interest rates and lower sentiment will likely weigh on the number of active home buyers, helping to rebalance the disconnect between demand and supply.
"The trajectory of interest rates will be a critical factor in the housing market’s performance.
“Forecasts on where the cash rate will land and how long it will stay elevated vary, but it’s likely there is at least one more rate hike to come, potentially more.
"It’s hard to imagine the recent pace of growth in housing values being sustained while sentiment is close to recessionary lows and the full complement of borrowers are yet to experience the rate hiking cycle in full,” Mr Lawless said.
National rent prices have risen by 2.5 per cent in the three months to June, data from CoreLogic found. 
Data from CoreLogic shows rental prices have continued to climb.
Overseas migration, a chronic shortage of available properties and tight vacancy rates are all battling the rental market. 
CoreLogic's data revealed the June increase was slightly less than the 2.8 per cent increase recorded in the three months to May, but rental growth remained well above average.
Sydney remained the most expensive capital city for renters in the June quarter.
Canberra and Hobart were the only capital cities that saw rents fall for homes and units.
CoreLogic's quarterly rental review data showed all regional markets saw a rise in rents during the June quarter except for regional Tasmania, which declined by 0.4 per cent.
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