Century 21, the largest real estate sales organisation in the Asia Pacific region, believes that Australia’s residential property prices may be stabilising in light of recent figures showing that median home values in capital cities increased one per cent over the month of June.
According to RP Data-Rismark’s Hedonic Home Value Index, six of the nation’s eight capitals experienced dwelling value increases of one per cent or more during June, contributing to an average increase of one per cent – the largest monthly incline the Index has seen in over two years.
“Consecutive Reserve Bank rate cuts in May and June have worked to build consumer confidence in the property market, and as such it’s not particularly surprising that we’ve seen property prices experience an upswing,” said Chairman of Century 21 Australasia, Charles Tarbey
“While we must remain cautious when speculating on future movements within the market, RP Data-Rismark’s figures suggest that home values may be stabilising, which should send a positive signal to vendors and many buyers.”
RP Data released figures in the second week of July showing that residential listings across Australia’s capital cities increased 8.2 percent over the year to July 8. This statistic, combined with relatively low interest rates, suggests a favourable buying environment.