Home values across Australia have risen by an average of 5.9 per cent in the first seven months of the year, RP Data’s Home Value Index has found.
According to the Index, Australian home values rose by 0.9 per cent in July on the back of low mortgage rates and only small rises in unemployment.
“Australia’s residential property market has outperformed the other major western markets and provided superior returns compared to shares, commercial property, superannuation, hedge funds and private equities,” RP Data national research director Tim Lawless said.
Melbourne and Sydney led the charge in rising house values, with increases of 8.5 per cent and 6.6 per cent respectively.
Darwin was the strongest of all capital cities with home values increasing by 10.8 per cent.
According to Lawless, house prices continued to outperform units in the month of July.
In the three months to end July, house values increased by 2.4 per cent while unit values rose by 1.6 per cent.