Home prices tick higher...............

Home prices ticked up in October but the Reserve Bank's surpriserate rise this month could see that growth peter out by the end of theyear.
National city home prices increased 0.3 percent, seasonally adjusted, following a revised 0.1 per cent fall inSeptember, according to RPData-Rismark.
'Sincethe market started to cool in June the cumulative decline in dwellingvalues to the end of October has been less than 1 per cent across thecapitals, suggesting a market that is slowing at a controlled pace,' RPData research director, Tim Lawless, said.

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'Of course, the October data doesn't include anyeffect from the November interest rate rise, which we expect will havecaused conditions to cool further,' he said.
TheRBA lifted the cash rate to 4.75 per cent from 4.5 per cent this month,with the big four banks lifting rates considerably more than that - inone case, the Commonwealth, raised its standard variable rate by 45basis points.
That is expected to weaken buyer appetite for homes in coming weeks.
Thenational city dwelling price was $460,000 in October, up from $455,000in September. Home prices in Sydney and Melbourne both rose 0.6 percent, seasonally adjusted, while they went backwards in Brisbane by 0.2per cent and Perth by 1.8 per cent.
A surge ofnew listings in recent weeks is expected to keep a cap on auctionclearance rates, which will in turn act as a drag on home-price growth.
RismarkInternational joint managing director Ben Skilbeck predicted slowerhome growth through the second half of the year, with prices mostlyunchanged.
'We are forecasting some weakness as the market absorbs the near-double rate hike effected in November.'
'Sincethe RBA is unlikely to lift rates in December, the key swing variablewill be the extent to which rates increase further in 2011,' he said.
Momentum in the Australian housing market has switched into low gear in recent months.
Sydney'sauction clearance rate hit 53.4 per cent on Saturday, while inMelbourne it was 56.8 per cent, essentially unchanged from the previousweekend in both cities, according to Fairfax-owned Australia PropertyMonitors.
The weaker auction clearance rates come amid higher interest rates and a plentiful supply of houses to be listed for sale.
Therewere 770 homes listed for auction in Sydney, up more than 100 from theprevious week. In Melbourne, there were nearly 1100 properties for salelast weekend, up from about 1000 the week before.
czappone@fairfax.com.au