Latest NewsHouse Prices Push Upward in Jan QuarterWednesday, 07 December 2016

The Australian housing market has started 2010 with renewed confidence, with home values rising 1.8 per cent in January, according to the latest RP Data-Rismark Hedonic home value index.

Overall, home values pushed up 2.4 per cent in the January quarter, bringing the annual increase to 11.8 per cent over the past 12 months.

RP Data national research director Tim Lawless said the residential market was showing increased signs of confidence.

"Week-on-week, we are seeing an increase in the number of new property advertisements coming to the market," Mr Lawless said in a statement.

"Whilst new stock has been increasing rapidly, the total number of properties available for sale has been falling which is an indicator that buyers are for the time being outweighing sellers and new supply is being quickly consumed."

"In addition, auction volumes are higher than at the same time last year and the national weighted clearance rate last week was a very healthy 73 per cent," Mr Lawless added.

Darwin exhibited the highest pick-up in home values, rising 4.6 per cent over the quarter, while Perth was the weakest performing capital city, with values inching down 0.6 per cent.

Darwin also showed the highest gross rental yield of 5.7 per cent for houses and 5.9 per cent for apartments, according to the index.

Melbourne and Perth had the lowest gross rental yields of 3.8 per cent for houses.

Homes prices in Melbourne rose by 17.6 per cent over the 12 months to January.

This was followed by Darwin, at 15.6 per cent, and Canberra, at 14.7 per cent.

Sydney home prices rose by 10.7 per cent over the same period.

In Hobart they went up by nine per cent, 8.5 per cent in Brisbane, 8.3 per cent in Adelaide and 7.1 per cent in Perth.

Sydney homes remain the nation's most expensive, with a median price of $494,500.

According to Mr Lawless, the rental market was also showing of stability.

"We are beginning to see the first signs that the softening of yields is slowing and, in some cities, yields are now beginning to improve," he said.

"With rental demand likely to be higher during 2010 due to continuing strong migration and fewer first home buyers, we anticipate that rents and consequently yields, will improve over the year."

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