2013 outlook favourable for property market
Residential property owners may welcome news that house prices nationwide are heading towards a recovery.
According to the summer 2013 edition of RP Data's Property Capital Markets Report, capital city dwelling values increased 3.3 per cent since May last year.
The report highlighted this as a positive figure considering values plunged 7.4 per cent between October 2010 and May 2012 - an indication that a recovery is on the horizon.
And it's good news for all owners of real estate in Australia's major cities, with the latest data revealing every capital market recorded a rise in dwelling values, from a 2.1 per cent jump in Brisbane to an 11.2 per cent surge in Darwin.
The report went on to say that while the market is in the process of an upturn, a recovery would be subdued for the rest of this year.
The figures come after other RP Data research showed that confidence is returning to Australia's residential real estate market - a trend underpinned by a change in consumer sentiment.
"A consumer sentiment survey conducted by Nine Rewards and RP Data reports that 38 per cent of Australians expect that housing prices will rise over the coming six months, with a higher 51 per cent of those surveyed predicting prices to rise over the coming 12 months," the organisation stated.