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Property market 'on the rise since last May'

The bottom of the Australian property market was reached in May 202, according to RP Data's Tim Lawless.
<div $$hash="7289-0"><p $$hash="7324-0">The Australian property bottomed out almost a year ago, one industry expert has claimed.



Tim Lawless, research director at RP Data, claimed that property values in state capitals around the country reached a low point in May 2012.



Since then they have staged a "demonstrable recovery", with values rising by 3.3 per cent nationwide, he commented.



<p $$hash="7297-0">However, Mr Lawless said Australia needs to see values rise a further 4.3 per cent before it can be said a technical recovery has been achieved.



<p $$hash="7320-0">"That amount of value appreciation is likely to be at least six months away,” he proposed.



<p $$hash="7299-0">A recent study conducted by RP Data found that five of Australia's eight capital cities recorded growth in February 2013.



<p $$hash="7319-0">Capital city dwelling values rose by 0.3 per cent, following a 1.2 per cent rise in January.



<p $$hash="7317-0">Darwin saw the greatest increase in values, with a 2.3 per cent increase in average property values.



<p $$hash="7315-0">Posted by Steve Douglas

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