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Rising house values improve consumer confidence

Rising house values improve consumer confidence

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Australian home prices have improved across all market segments in the first half of 2009, according to the RP Data-Rismark National Home Value Indices released yesterday.

According to the index, Australian home values recorded a 4.5 per cent increase in the first six months of 2009, however growth was starting to moderate.

RP Data national research director Tim Lawless said the positive growth was thanks to improvements in consumer and business confidence.

“Housing finance approvals are trending upwards for both owner occupiers and investors, and auction clearances are averaging more than 70 percent across the nation,” Mr lawless said.

“Growth across all markets is being recorded over a broad base, not just in first home buyers markets as commentators have suggested.”

Based on the first half year results, home values have risen in the top 20 per cent of most expensive suburbs, the middle 60 per cent of suburbs, and the cheapest 20 per cent of suburbs ranked by price.

The top 20 per cent of most expensive suburbs across Australia have risen in value by a stunning 5.7 per cent since their lowest point in January 2009 which follows a 10.3 per cent fall in values between February 2008 and December 2008.

Darwin was the strongest housing market, with median prices up 7 per cent since January; Adelaide was the softest with a 0.6 per cent increase in median values.

Sydney and Melbourne median property values were up 2.4 per cent and 3.7 per cent respectively.

Mr Lawless said despite an initial burst of activity in the first half of 2009, following the introduction of the First Home Buyers Boost and the 40 per cent fall in mortgage rates, there was evidence that the rate of house price growth would slow to more modest levels.

 

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