In this video, Tim Lawless - Head of Research at real estate research firm
RP Data, provides an update on the status of the Australian Housing Market in February 2013.
Key findings include:
Home values across Australian capital cities increased by 1.2% in January 2013, negating the fall of 1.2% in December 2012
Dwelling values increased by 1.8% increase over the past twelve months
Strong January result suggests residential property markets are starting to recover
Every capital city, excluding Darwin, recorded an increase in January 2013
Every capital city, apart from Melbourne recorded an increase in dwelling values over the past twelve months
Brisbane, Sydney and Perth markets were the top performers in January 2013, at 2.0 per cent, 1.8 per cent and 1.7 per cent respectively
“These strong January results are likely to have seen some upwards seasonal bias, however the housing market has been on a clear recovery trend since June last year," Mr Lawless said.
"Capital gains aren't likely to remain this high over the coming months, however we are likely to see the recovery trend continue through 2013.”
“The latest housing market data adds weight to the argument that interest rates may be at the bottom of the cycle. The Reserve Bank will be watching the performance of the housing market closely, and the positive trend in housing values will dampen calls for further interest rate cuts.”