The latest RP Data-Rismark Home Value Index results reveals an average rise of 1.2% in Australian property prices in January this year.
The RP Data-Rismark index is Australia’s authoritative source on home price trends, providing timely indications on the nature of the property market.
Capital city dwelling prices in Sydney increased 13.4% and Melbourne 11.9% over 2013. This growth is set to continue in the short term.
According to Rismark’s Chief Executive Ben Skilbeck, as Sydney and Melbourne are now well advanced in their growth cycle, these “exuberant” conditions will wind down over the next 12 months as affordability declines and more supply comes into the market.
But with a growing population, an increasing appetite for housing credit and positive consumer sentiment, we are unlikely to see home values stagnate before midyear.