Following the release of RP Data figures yesterday, the Australian housing market has revealed a strong performance over the past month and quarter – largely the result of increased confidence and lower official interest rates.
If you own a home in one of Australia’s capital cities, it jumped an average 1.4% in value in September.
And, after four consecutive months of growth, the falls in values recorded earlier this year have been reversed and you are now 0.8% ahead over the first nine months of the year.
Leading the pack with Septembers gains was Adelaide, which recorded the strongest rise in values – 2.4%. Perth followed with 1.6% growth, then Sydney at 1.5%. Melbourne enjoyed 1.4% and Brisbane climbed 1.1% but is also benefiting from a resurgence of first home buyer demand as the state government’s new property incentives kick in.
Looking at the result on a quarterly basis, capital city values increased by a flat 2%, itself the highest quarterly gain since May 2010. The only exception was Hobart where a 1.8% fall was recorded.