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Australian housing market shows signs of recovery

Souce:Xinhua Publish By Updated 02/04/2013 10:21 pm in Business / no comments

 

SYDNEY, April 2 — Private data shows Australia’s housing market has started to show signs of recovery with home prices rising close to 3 percent on average over the past three months, local media reported on Tuesday.

The latest RP Data-Rismark Home Value Index shows that home prices across Australia’s capital cities rose by 2.8 percent on average in the March quarter.

The index found Hobart experienced the largest growth in house prices in the quarter, up 6.1 percent, followed by Perth, with a rise of 4.3 percent.

Home prices in Canberra rose 3.8 percent in the March quarter while Sydney home values increased by 3.4 percent in the period.

Australia’s property information and analytics provider RP Data research director Tim Lawless said that such quarterly growth rate was unlikely to be maintained through the year.

“Personally I believe we’ll probably see growth rates moderate over the coming months. If you annualize that 2.8 percent quarterly growth rate out over the year then you’re looking at double-digit growth over the 2013 calendar year, which I think is probably a bit of a high estimate,” he told the Australian Broadcasting Corporation (ABC).

 

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