Capital city values climbing

New data indicate the Australian property market is definitely on the way up, with capital city values climbing 0.3 per cent in February.

According to RP Data’s February Hedonic Home Value Index, this is the second month of growth for values following a 1.2 per cent rise in January.

The strength in the monthly result was largely driven by Australia’s second largest housing market, Melbourne, where dwelling values were up 1.5 per cent.

Values also appreciated across Sydney, Canberra and Darwin, while the remaining capital cities recorded a fall in values.

Brisbane recorded the largest month-on-month fall where dwelling values were down 1.1 per cent after rising 2.0 per cent in January.

On a quarterly basis, every capital city of Australia, apart from Adelaide and Darwin, has recorded a rise in dwelling values.

The largest increase over the past three months has been in Hobart where dwelling values are up 4.2 per cent
While the February results are not as broad-based as those recorded in January, with only half of Australia’s capital cities recording a lift in dwelling values over the month, the trend for most cities remains positive.

While the housing market is staging a demonstrable recovery, we need to see values rise a further 4.3 per cent before we can say that a technical recovery has been achieved. That amount of value appreciation is likely to be at least six months away.



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