Houses prices rocket over five years

Posted on November 12, 2010 by Admin
Combined property values for houses increased by a total 41% and 42% for units over the past five years, a new report reveals.
RP Data’s latest property pulse report also shows that the average annual increase for houses is 7%, while for units its 7.3%.
“In dollar terms, house values have increased by a total of almost $140,000 over the last five years and unit values have increased by approximately $123,000,” the report said.
Sydney was poorest performing capital city with an increase of just 30% over five years, compared to Darwin house prices which increased 92%. Melbourne recorded a 61% increase in its house prices.
According to RP data research analyst, Cameron Kusher, Sydney underperformed because prices were already so much higher than the rest of the country.
As for house rents, the greatest increases were also in Darwin – up 77%, while in Perth they increases 60% and just 34% in Sydney.
But according to Kusher, a lack in housing stock could bring an increase in rents.
“At the moment property values are slowing right down but with Sydney having an increase in population there’s scope for increase in rents,” he said. “I’d certainly suggest we’ll see increases above [the consumer price index] for the next 12 months.”

house prices goes upCombined property values for houses increased by a total 41% and 42% for units over the past five years, a new report reveals.RP Data’s latest property pulse report also shows that the average annual increase for houses is 7%, while for units its 7.3%.

“In dollar terms, house values have increased by a total of almost $140,000 over the last five years and unit values have increased by approximately $123,000,” the report said.Sydney was poorest performing capital city with an increase of just 30% over five years, compared to Darwin house prices which increased 92%. Melbourne recorded a 61% increase in its house prices.

According to RP data research analyst, Cameron Kusher, Sydney underperformed because prices were already so much higher than the rest of the country.As for house rents, the greatest increases were also in Darwin – up 77%, while in Perth they increases 60% and just 34% in Sydney.

But according to Kusher, a lack in housing stock could bring an increase in rents.“At the moment property values are slowing right down but with Sydney having an increase in population there’s scope for increase in rents,” he said. “I’d certainly suggest we’ll see increases above [the consumer price index] for the next 12 months.”

(By BN | 12 Nov 2010)