Capital city property values increase during 2013
The latest RP Data-Rismark Home Value Index has highlighted the strength of Australia's real estate market during 2013, with a number of increases in property values across the nation. This could be fantastic news for anyone interested in buying or selling a house in the near future.
With many people taking it upon themselves to have property-related New Year's resolutions, this could be the perfect time to consider getting professional advice and approaching the real estate market.
Capital city values increased by 1.4 per cent during December nationwide, which is a great way to end the year. Furthermore, the nation underwent a series of value increases during the fourth quarter of the year.
Australia's capital cities recorded a 2.8 per cent rise in value during the first quarter of the year, before increasing slightly during the second quarter by 0.2 per cent. However, the third quarter saw the market undergo a large value leap, of 3.7 per cent.
Finally, the fourth quarter saw property values grow by 2.8 per cent again. This resulted in an annual growth of 9.8 per cent across the nation, which is the largest increase in values since 2009 when the figure increased by 13.7 per cent.
RP Data Senior Research Analyst Cameron Kusher said the first six months of the year only saw an increase in values of 3 per cent, in comparison to the 6.6 per cent growth experienced during the later six months.
He said the increasing momentum was clear during the second half of the year, with the low interest rate environment and attractive house prices contributing to the recovery of the market overall.
Sydney experienced the largest growth over the year, increasing by 14.5 per cent over the last 12 months and 4.1 per cent over the last quarter. More specifically, the New South Wales capital city saw house values increase by 15.2 per cent, while unit values underwent a similar movements and grew by 11.6 per cent.
Following this, Perth recorded the next largest annual growth and saw property values soar by 9.9 per cent over the last year. Much of this growth came from rising house values, which increased by 10.2 per cent over the last 12 months. Unit values in the city grew by 6.3 per cent.