House prices continued to improve in the last months of 2012, according to the latest figures released by the Australian Bureau of Statistics.
Preliminary estimates show the price index for established houses in the eight capital cities rose 1.6% in the December quarter 2012. This was the strongest quarterly growth in almost three years.
In the final quarter of 2012, the price index for established houses for the weighted average of 8 capital cities rose 1.6%, while individual changes in each city were as follows:
- Perth +2.9%
- Darwin +2.6%
- Sydney +2.3%
- Canberra +2.1%
- Adelaide +0.8%
- Melbourne +0.7%
- Brisbane +0.7%
- Hobart -1.4%
Data from the RP Data-Rismark Hedonic Daily Home Value Index Results show that Darwin houses had the highest rental yield of 6.1%, and Sydney remains the most expensive city with a median dwelling price of $580,246.
At Edney Ryan Mortgage & Finance we can provide our clients with Comparative Market Analysis reports, including rental comparisons. If you are considering purchasing a new property, please contact us to discuss how we can help you with up-to-date market insight, to assist with your property purchase negotiations.
Patricia Williams is a credit representative (400458) of BLSSA Pty Ltd ACN 117 651 760 (Australian Credit Licence 391237).