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A year of two halves for the Australian property market

The Australian property market rallied in the second half of 2012, making up for losses in the first six months of the year.

Foreigners wishing to purchase property in Australia are likely to be scratching their heads after analysing the data relating to the market's performance in 2012

Figures show a clear difference in the fortunes of the property sector in the first and second halves of last year, although in general the market is now in a stronger position than it was 12 months ago.

Despite the losses made between January and June, the second six months of 2012 saw the industry rally to such an extent that total returns on property investment – taking into account prices and rents – grew by four per cent, according to CommSec chief economist Craig James.

Capital city values slumped to a new low in May of last year but had risen by almost two per cent by the end of December, says RP Data senior research analyst Cameron Kusher.

Over the year as a whole, returns on residential property were 0.3 per cent higher than returns on cash investments, although capital city values remain 5.7 per cent lower than their all-time high of November 2010.

- property, market, investment, rent

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