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Property values rise for first time this year

The RP Data-Rismark Home Value Index shows Australian house prices moving up for the first time in 2011.

The Australian property market has experienced a positive end-of-year result for house prices as the first rise in 11 months is noted.

 

 

Values of capital city homes rose by 0.1 per cent in November, which marked the first boost to the market since December 2010.

 

 

The RP Data-Rismark Home Value Index showed the rise which has spurred a positive outlook for the beginning of next year.

 

 

Rismark director Christopher Joye said: "For Australia’s capital city and regional markets, this was the single best monthly result since December 2010."

 

 

He added that the demand for property and the rise of mortgage approvals have both increased robustly every month since March.

 

 

Regional house values also increased over the year by 0.3 per cent.

 

 

Australian Property Monitors senior economist Andrew Wilson recently suggested that more favourable economic conditions would encourage a growth in the housing market in 2012.

 

 

He commented that consumer confidence will return to the property market and continue the slow growth.

 

 

Posted by Steve Douglas

- prices, value, property, capitals

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