Residential property values rise in Sydney
The value of residential property in Sydney increased last year, new figures have ...
The value of residential property in Sydney increased last year, new figures have revealed.
Statistics from RP Data and Rismark showed dwelling prices in the NSW capital improved by 1.5 per cent in 2012, with apartment values jumping 2.3 per cent, while houses edged forward 1.3 per cent.
This compared with an overall decline in Australian property prices across capital cities of 0.4 per cent, the Sydney Morning Herald reports.
Darwin was the best performer over the course of the year, advancing 8.9 per cent - although this was tempered by a 2.9 per cent slump in Melbourne and 0.8 per cent drops in Adelaide and Brisbane.
Cameron Kusher, senior research analyst at RP Data, said the market had been helped by recent interest rate cuts by the Reserve Bank of Australia.
However, he admitted: "It is clear that the previous strong value growth conditions to which many home owners became accustomed to in recent years are well and truly behind us."
Despite this, the 0.4 per cent contraction in capital city values last year was an improvement on 2011, when prices tumbled 3.8 per cent.
Ben Skillbeck, Rismark International chief executive officer, said last month that the effect of December interest rate cuts will take some time to filter through.