Home values start improving again in most national cities
The most recent market analysis for RP Data shows property values have improved across the majority of Australian cities in the past year.
In fact, the aggregate of the eight city capitals found an increase of 2.7% across the year. So which city held the mantle of the biggest improver?
Darwin, with its considerable resources investments, recorded the strongest growth over the year, with price increases of 5.9%, representing a median house price of $475,000.
Sydney was the next best performer with a year-on-year improvement of 3.7% for properties, equating to a median house price of $565,000, followed by Perth (3.5%), Canberra (2.7%), Brisbane (2%), Adelaide (1.9%), and Melbourne (1.6%). Hobart was the only capital city to register negative growth (-1.4%).
With the positive yearly movement now being reported widely, many home owners are starting to wonder how their home has fared. This curiosity has spurred an increase in the number of appraisals property agents are undertaking.
If you would like to find out what your home is worth, contact your local LJ Hooker office for a free appraisal or visit www.ljhooker.com.au/sell/free-property-appraisal.