Despite all the gloom and doom and talk of significant drops in property values across the country – it seems that things are not so bad.
New research by RP data states that most Australian capital cities have actually enjoyed a slight increase in property values during 2011. Sydney, Canberra and Darwin have all managed to show some price appreciation in home values located in these cities.
According to new research by RP Data, Canberra was the standout performer last month, recording 1.9 per cent growth in property values.
Darwin wasn’t far behind with 0.6 per cent growth and Sydney managed to improve marginally with 0.1 per cent growth.
Melbourne property values declined a little – a drop of 1.4 per cent during July 2011.
But, RP Data’s research director Tim Lawless said the fall in Melbourne house prices shouldn’t alarm potential investors.
“After rising by a stunning 29 per cent over 2009 and 2010, Melbourne values had now corrected by 5.3 per cent in 2011,” he said.