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Market recovery accelerates: RP Data

Market recovery accelerates: RP Data

by Reporter 0 comments

Steven Cross

Every capital city apart from Adelaide has seen dwelling values rise over the past quarter, according to RP Data.

Across the combined capitals, values rose 1.3 per cent in March and 2.8 per cent in the quarter.

Perth recorded the highest level of growth over the month with dwelling values surging 3.4 per cent, while Hobart and Darwin rose 2.5 per cent and 2.4 per cent respectively over the month.

Rismark International CEO Ben Skilbeck claimed the results were some of the strongest he’d seen in years.

“The March 2013 result is one of the strongest we’ve seen over the three years since March 2010," he said.

"Not only were there no value falls recorded across the capital cities, but, over the past three years, the all dwellings result of 1.32 per cent for the month was second only to the 1.40 per cent increase observed in September 2012.

“Further, it was the strongest quarterly growth seen since the three-month period ending May 2010.”

RP Data research director Tim Lawless said Darwin was a standout performer.

“The most significant recoveries have been recorded across Darwin where values have risen 13.9 per cent since bottoming out in January last year, and Perth where values are up 9.4 per cent since the market trough in November 2011.

“Both these cities are recording rental growth higher than 10 per cent year on year, which is providing a significantly higher total return compared with other cities,” Mr Lawless said.

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Market recovery accelerates: RP Data
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