Home prices improve across Australia
Recently released RP Data figures reveal a modest month-on-month growth across Australia’s property markets but a positive lift across year-on-year measurements.
The sustainable month-on-month figures allay market concerns that Australia was on the cusp of a property bubble.
Across Australia’s combined capital cities, there was a 0.5 per cent increase in home prices, made up of 0.4 per cent for houses and one per cent for units.
However, reflecting on the August 2013 to August 2012 period, the capital city index increased 5.3 per cent.
Perth – a beneficiary of Western Australia’s resources boom – recorded strongest year on year results, with a 9.4 per cent increase in home values (median price of $499,500) followed by Sydney with a seven per cent increase ($587,000 median).