The latest Australian Bureau of Statistics eight city house price index has just been released and confirms what other research houses RPData, APM and Residex told us last week – our property markets are on the move.
The ABS Index of Established House Prices shows that prices rose by 1.6 per cent in the December 2012 quarter, which is the strongest quarterly growth in the index in almost three years.
The index indicates home prices increased by 2.1 per cent over the full 2012 calendar year.
It seems like confidence has returned to our markets and as I’ve reported in previous blogs, our markets have bottomed.
Don’t get me wrong…
We’re not about to experience another boom any time soon, and some areas have further to fall. I’ll be explaining what I think is going on in my National Property Market & Economic Updates around Australia over the next month. Please click here and find out all the details and join me an a number of other experts to ensure you position yourself to take advantage of our changing markets.
By the way… the Australian Bureau of Statistics reports data based upon detached housing – and doesn’t include apartments.
As you can see from the graph above in the quarter to December 2012 the growth was strong in the Sydney property market (+2.3%) , as well as in Perth (+2.9%), Darwin (+2.6%) and Canberra (+2.1%).
On a year-on-year basis strong growth was seen in Sydney (+4.2%), Perth (+5.6%) and Darwin (+10.1%).
And moderate falls were seen in the Melbourne property market (-0.2%) and in Adelaide (-0.4%) and Hobart ( -6.1%.)
The fragmented property markets mean it will be critical for property investors to own the right type of property – the sort of real estate will be in continuous strong demand by affluent owner occupiers – because they are the ones that will push up property values in certain areas over the next few year.
As I’ve already explained, I’ll be covering this in detail at my upcoming National Property Market & Economic Updates around Australia over the next month. Please click here and find out all the details and join me an a number of other experts to ensure you position yourself to take advantage of our changing markets.