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Property asking prices have risen

A new index shows that Australian property prices have risen over the start of the year.

The asking prices for Australian property have risen in the first two months of 2013. Results from SQM Research's new Weekly Vendor Sentiment Index have shown that asking prices in Australia's capital cities have risen in recent months by 1.5 per cent for houses and 0.4 per cent for units on average.

SQM believes that these results are a sign that confidence is returning to the property market as buyers are more keen to bid on properties. Should this continue, then the property sector can expect to generate some capital this year.

The results from SQM correlate closely with the Australian Bureau of Statistics' (ABS) house price index.

Both ABS and SQM reported stable or rising house prices across Australia's capital cities, except for Hobart.

SQM said that the rise in house prices in Perth, Sydney, Darwin and Adelaide are reflective of how the market will fare in these cities. It said: "The downturn is well and truly over in these cities."

Posted by Ravin Chatlani

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