January property values turn the corner

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With January’s RP Data-Rismark Home Value Index results to be released on Friday, RP Data national research director Tim Lawless Wednesday hinted at what the results are likely to show.

Pointing out that the RP Data-Rismark five capital aggregate daily index showed a rise over the month to date, Lawless said that January has shaped up to be a strong month for Australian housing markets. 

“The early data for January has almost reversed the fall in capital city dwelling values recorded over the final quarter of 2012 when values were down by 1.2%,” Lawless said. 

He added that while housing market conditions appear to be on the path to recovery, a further 4.9% increase in dwelling values is still needed before values return to late 2010 highs.

“Most dwelling value improvements over the month to date can be attributed to growth in Sydney, Perth and Brisbane. Melbourne dwelling values are likely to end the month of January flat and conditions in Adelaide should result in a small increase in values over the entire month.”

Looking ahead, Lawless anticipates growth rates to moderate over the coming months.

“I would be very surprised to see month-to-month movements in excess of 1% on a regular basis during 2013,” he said. 

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