Real estate in Australia has continued to grow in value over the month of August, which may be of interest to those listing property for sale in the near-term.
According to the RP Data-Rismark Home Value Index, property values across the country have increased by 0.5 per cent. This has now brought residential property values into a cumulative recovery of almost 7 per cent since the market experienced a decline in May last year.
This activity has then resulted in capital gains reaching a more sustainable level at 1.6 per cent during July and 1.9 per cent over June.
Brisbane came out as the top performing capital city for residential property value growth during the month of August, reporting an increase of 1.5 per cent. This translates into a year-on-year increase of 2.5 per cent.
RP Data Research Director Tim Lawless stated that this increase in Brisbane was seen in both the detached housing and unit markets and is a "positive turning point" for the city.
The market in Brisbane has seen the most significant turnaround in the country, after a small 0.1 per cent rise in July's Home Value Index.
Information from the Real Estate Institute of Queensland (REIQ) last month showed that other areas across the state also grew in value during the June quarter.
Toowoomba, Gold Coast and the Sunshine Coast all reported good rates of growth for the year ending June, experiencing increases in median house prices of 4.5 per cent, 3.1 per cent and 2.3 per cent respectively.
"No doubt the influence of historically low interest rates and increased perceptions of housing affordability have seen more people move off the sidelines and back into the property market of late," said REIQ Chief Executive Anton Kardash.
Many other capital cities saw rises in value over the month of July, such as Canberra and Darwin which saw growth of 0.9 per cent and 0.7 per cent respectively.
Hobart and Perth were the only two cities in the country to experience a decline, which came to 1.9 per cent and 0.2 per cent respectively.
Mr Lawless stated that this coming spring is going to be a good season for selling, which may be encouraging for those who wish to list houses for sale this year.
"Housing market conditions are looking set to provide what could be described as a near-to perfect spring season with the number of homes currently available for sale around 15 per cent lower than a year ago," he said.
