Property values continue to climb in 2013
In what may be encouraging news for residential property owners in the country, new research from RP Data and Rismark has shown that house values have continued to rise in June.
According to the Home Value Index released by the two property research companies, house values across the eight capital cities in the country experienced a rise of 1.6 per cent over the month.
The median price for a house in Australia hasreached a total of $513,000, with units sitting at $440,000.
"The housing market is being buoyed by very positive conditions in Sydney, Perth and to a lesser extent Melbourne, with residential values in these cities now 3.7 per cent, 4.4 per cent and 2.4 per cent respectively higher over the past three months alone," said RP Data research director Tim Lawless.
However, Adelaide experienced a small decline for the month at 1.5 per cent, translating to a fall of 3.1 per cent for the quarter.
After the national property market experienced a significant drop in prices in May last year, these rises in value have been welcomed by the industry, and have helped the market to make a recovery of 6.5 per cent since falling.
Over the last 12 months, the Sydney and Perth real estate markets have both posted strong results in home value growth, reporting rises of 6.5 per cent and 8.3 per cent respectively.
At the same time, they have both also been recording the highest total gross returns at 11.2 per cent for Sydney and 13.3 per cent for Perth.
These increases in residential real estate values indicate that now might be a good time to sell your property, as rising values may be an indicator that buyer demand is improving.
Rising demand from buyers has been evident in recent sales trends with Mr Lawless stating that properties are spending a shortened amount of time on the market for sale.
Mr Lawless said that houses are now selling within an average of 45 days, instead of 59 days experienced 12 months ago.
Furthermore, recent information from the Australian Property Monitors blog has shown that auction clearance rates in Sydney have exceeded 80 per cent for the fourth consecutive weekend - demonstrating a healthy and positive level of buyer activity in the market.
Sydney auctions had a remarkable performance during July, with many areas experiencing record high clearance rates, which may have been fuelled by rising buyer confidence.