NEWS
National property values in Australia jumped by nearly 2% in August, a report by property information agency RP Data and fund management firm Rismark International said Wednesday. This is the largest rise in values since the RP Data-Rismark Home Value Indices began in January 2005.
According to the report, home values in Australia rose 1.9% in August, bringing the cumulative capital growth in the first eight months to a better-than-expected 7.9%. RP-Data said this is also the highest since the series began in 2005.
Home values have also increased 3.8% from their peak in February last year. This rebound followed the peak-to-trough falls in national home values of just 3.8% in 2008, and compares exceptionally well with the 15% and 30% house price declines seen in the UK and US, respectively, the report noted.
Commenting on the data, Rismark International's managing director Christopher Joye said, " Australia's housing market is being underpinned by the strongest population growth since 1971, record housing shortages, historically low mortgage rates, better than expected employment outcomes, and one of the world's most profitable banking systems." He also added that the recovery was not limited to the first home buyer market.
Source: RTT News
Published: 01 October 2009
