House prices increase across the nation
The residential property market continues on its path to recovery, with most of the country's ...
The residential property market continues on its path to recovery, with most of the country's capital cities recording a jump in house prices last month.
Across the nation's eight major cities, the RP Data-Rismark Home Value index increased by 0.4 per cent - a rise that was offset by a drop in Melbourne real estate prices.
House values dropped by one per cent in the Victorian capital, while every other city recorded growth.
Perth was the strongest performer of all the markets with a one per cent increase, while Brisbane and Adelaide both saw values spike 0.5 per cent.
In comparison, Sydney prices rose by 0.1 per cent bringing the average dwelling price to $555,000 in the New South Wales capital.
Darwin emerged as the strongest real estate market for the quarter (3.1 per cent), followed by Perth (three per cent), Brisbane (0.8 per cent) and Sydney (0.6 per cent).
The recent figures show that while the property sector is heading for a recovery, it will be marred by falls in some markets, RP Data senior research analyst Cameron Kusher explained.
"Capital city home values remain -5.6 per cent lower than their historic highs of 15 November 2010, but, up two per cent from their low of late May 2012," the expert commented.