RP Data Reports 1.9% Increase in Brisbane Property Values for 1st Qtr of 2013

Brisbane house prices have increased 1.9 per cent this year with national figures showing the best growth since 2010.

The RP Data-Rismark results revealed values across the combined capital cities were up 2.8 per cent for the quarter, with a 4.7 per cent increase since the national market bottomed out in May, 2012.

RP Data research director Tim Lawless said the most significant recovery had been in Darwin – up 13.9 per cent since that market hit bottom in January last year.

Perth also had significant gains, with values increasing 9.4 per cent since their market trough in November, 2011.

Mr Lawless said other indicators continued to suggest the market recovery would continue.

“Auction clearance rates haven’t been below 55 per cent on any occasion so far this year,” he said.

“Over recent weeks the capital city weighted average clearance rate has been around the 60 percent mark with Melbourne and Sydney nudging the 70 mark.

“Additionally, vendors selling their homes by private treaty have been discounting their prices by a lesser amount in order to make a sale.

“The average selling time was consistently shortening prior to the Christmas-New Year slow down.”

Mr Lawless said RP Data’s Mortgage Index, which tracked activity across the RP Data mortgage platforms, reached levels not seen since August 2009.

This suggested housing finance commitments were likely to show a decent lift when the Australian Bureau of Statistics published its February and March data later this year.

Across the market, houses in the middle price ranges continued to show the healthiest market fundamentals, increasing 1.6 per cent during the year to February.

In comparison, affordable houses dropped 0.9 per cent while the top end fell 0.6 per cent.

Reported by Paula Shearer – The Courier-Mail – april 2013