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ISCOVER
Staff Reporter
Australia’s mid-range suburbs are currently seeing the greatest increases in home values, new research has revealed.
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According to the latest RP Data Property Pulse, values across the affordable city suburbs and some of the most expensive suburbs have fallen.
Meanwhile, 60 per cent of the mid-range suburbs have recorded growth of 1.6 per cent over the year to February 2013.
The RP Data-Rismark Home Value Index results for March 2013, out last week, confirmed that capital city home values increased by 1.3 per cent over the month, 2.8 per cent over the quarter, and 2.4 per cent over the year.
According to RP Data’s Cameron Kusher, overall, home values have now increased by 4.7 per cent since reaching their recent low.
Based on available data to February 2013, home values increased in every capital city across the middle-priced suburbs over the 12 months, excluding Adelaide where values fell by 0.7 per cent.
“Recent data clearly shows that the increase in home values is being driven by higher dwelling values across the ‘middle’ priced market,” Mr Kusher said.
“As evidenced in our data, the recent increase in capital city home values has been driven by improving market conditions across the broad middle-priced suburbs across each capital city.
“Despite the value increases, home values generally remain below their historic highs and in some instances would need to see a significant further improvement to return to these highs.
“With home values expected to continue to increase over the coming months, we anticipate that the improvement in market conditions is likely to continue to be driven by the middle-priced suburbs. However, the recent increase in equity markets and higher rates of auction clearance may result in further improvement across the premium housing market.”
