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Property Market Update: Best Results in 7 Months

There seems to be a certain amount of optimism in property at the moment. In the Merimbula, Eden, Bega and Cooma areas there appears to have been more properties selling in this last month and a heightened increase in investing again. A compelling argument could be made for 2012 being the best year in the past decade to buy residential property.

Australia’s housing market correction appears to be slowing, with values achieving their best result in seven months, according to RP Data. The company’s home value index reports regional house values recorded a positive result in the month of September, rising by 0.1 per cent.

The 8.1 per cent lift in consumer confidence, as well as rising speculation that interest rates are continued to head south, are likely to be drivers of this improvement.

There has been continued strong growth in rents, which according to the Australian Bureau of Statistics expanded by 1.2 per cent in the September quarter and by 4.6 per cent over the year. This has meant that gross total returns for homeowners have actually been positive.