Property values are going up
Property values are going up
Posted on Tuesday, April 02 2013 at 3:40 PM
Capital gains in the March quarter of this year are the highest since May 2010, according to RP Data-Rismark research.
Dwelling values across
Australia’s combined capital cities recorded a 2.8 per cent rise during the
first quarter of 2013.
The RP Data-Rismark
March Hedonic Home Value Index Results indicate
solid increases in March with growth recorded in all capital cities except
Adelaide.
According to RP Data
research director Tim Lawless, the figures reveal good cumulative capital
growth since the market troughed in 2012.
“Since the capital city
housing market bottomed out at the end of May last year we’ve seen dwelling
values rise by 4.7 per cent after falling by 7.4 per cent from their market
peak back in late 2010.
“The most significant
recoveries have been recorded across Darwin where values have risen 13.9 per
cent since bottoming out in January last year, and Perth where values are up
9.4 per cent since the market trough in November 2011.”
Ben Skilbeck, chief
executive officer of Rismark International, says the results are one of the
strongest reported in more than three years.
“Not only were there no
value falls recorded across the capital cities, but, over the past three years,
the ‘all dwellings’ result of plus 1.32 per cent for the month was second only
to the plus 1.4 per cent increase observed in September 2012.”
Skilbeck says investors are
driving the market’s recovery with conditions too attractive to ignore.
“With gross capital city
unit rental yields now at 4.9 per cent, and a number of short-term fixed rate
loans also being offered at these levels, it’s not surprising to see investors
responding to these conditions more quickly than owner-occupiers.”
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