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‘Surprise’ 1.4% rise in capital city dwelling values highest in 30 months but moderate growth ahead: RP Data-Rismark
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Capital city property markets have recorded their strongest gain in more than 2 ½ years, rising 1.4% over September led by a 2.4% gain in Adelaide, with strong support from Perth, Sydney and Melbourne.
The result was the largest month-on-month rise recorded since March 2010 and means that capital city dwelling values are now 0.8% higher over the first nine months of 2012, with a median dwelling price of $450,500.
Five of the eight capital cities are now in the black for the first nine months of the year, led by Darwin, up 6.3%, with Sydney dwelling prices up 3.4%. Melbourne dwelling prices are down 1.2% for the year.Click to enlarge
Source: RP Data
The September gain followed capital city property markets recording no gain in traditionally quiet August, following a 1% gain in June and 0.6% rise in July.
RP Data research director Tim Lawless told Property Observer he expected a continued recovery in prices over the next few months, but not at the magnitude of the September gain.
“It’s a pretty big number (1.4%) and it was quite a surprise – but we are tipping more moderate growth in capital values with the market remaining in the black.”
Lawless highlighted the fact that there had now been four straight months where the property market has avoided a decline.
The Mark at Sydney's Central Park
Now, all signs point south for this market. A year ago vacancies were near zero but today they’re approaching 5%. Price growth has stopped and, according to Australian Property Monitors’ price graph, has started to dip below the red line.
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