After much speculation in recent months over the interest rate cut effect on property prices, recent data proves it was certainly a gear changer in November 2011, with the greatest increases recorded since December 2010, according to RP Data-Rismark‘s November Hedonic Home Value Index results.
In November, the index reported that capital city home values rose by 0.1 per cent and regional dwelling prices climbed by 0.3 per cent in seasonally adjusted terms.
Rismark’s Christopher Joye said this positive result in November is a confidence boost for the first quarter of 2012, which is now projected to experience a price rebound particularly as new home loan approvals for established dwellings continue to rise since the downturn in March last year.
Over the 12 months to November 2011, the total return for investors in capital city property markets remained positive overall at 1.2 per cent, however significant diversity still remained across these housing markets, said RP Data senior research analyst Cameron Kusher.
Source: APIMagazine.com.au
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