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Property market recovery under way: A.B.S

The Australian Bureau of Statistics has confirmed what a number of commercial research organizations have already reported – it is likely our property markets have turned the corner and a recovery is under way.

The ABS which only measures house prices – not apartments – reported that established house prices appreciated by 0.3 per cent in the September quarter, substantiating similar numbers from Australian Property Monitors and RP Data.

House prices have increased by 0.9 per cent over the first nine months of 2012.

Sydney house prices  are up 2.6 per cent in 2012 and increased by 1.8 per cent over the past six months.

Surprising many (including me)  Melbourne house prices  rose by 0.2 per cent in the September quarter and have been flat over the last six months.

Interest rates remained steady today, so it will be intersting to see what happens to house prices over the rest of the year.

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About

Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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