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Property values rise in capital cities

RP Data results show a rise in house prices in four of Australia's capital cities.

Australian property prices rose again in February. The latest results from RP Data’s Rismark Home Value Index found that house prices rose in four of Australia’s capital cities in February.

Darwin was the city that saw the highest growth in property prices as it reported an average rise of 2.3 per cent.

The other cities that saw increases in house prices were Melbourne, Sydney and Canberra with 1.5 per cent, 0.1 per cent and 1.9 per cent rises respectively.

Largely driven by growth in Melbourne, which is one of the largest housing markets in Australia, RP Data found that capital city house prices rose by 0.3 per cent on average.

This is the second month in a row when property prices have risen nationwide as RP Data also reported a 1.2 per cent rise in January.

Recent statistics, such as that of the SQM Research Weekly Vendor Sentiment Index and the rates of Victoria’s weekly clearance auctions, show positive signs for the Australian property market.

Posted by Steve Douglas

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