Darwin's growth is driving property trends in the CBD. Picture: Katrina Bridgeford Source: Northern Territory News
- 0.3 per cent rise in property values nationally
- Follows a 1.2 per cent boost in January
- Darwin has biggest increase
PROPERTY values have risen across the country in February, but some capital cities are still lagging behind.
The latest RP Data-Rismark February Hedonic Home Value Index results have revealed a 0.3 per cent growth in capital city dwellings values.
The figures come on the back of a 1.2 per cent rise in January.
While Darwin's and Melbourne's markets appeared to be behind the increase in values, Brisbane, Perth, Adelaide and Hobart all recorded drops for the month.
Brisbane experienced the biggest fall of 1.1 per cent, while Darwin had the biggest increase of 2.3 per cent.
Tim Lawless of RP Data said the picture was a little better on a quarterly basis with only Adelaide and Darwin showing a decline in values.
The largest increase over the past three months was Hobart where dwelling values went up by 4.2 per cent.
Canberra, 2.3 per cent and Melbourne, 2.2 per cent also performed well.
Mr Lawless said despite some drops, the trend for most cities remained positive as six out of the eight capital cities showed growth over the past quarter and five of the eight capitals over the past twelve months.
He said most housing markets had bottomed out last year and since May there had been a 3.3 per cent improvement in the combined capital city values.
"While the housing market is staging a demonstrable recovery, we need to see values rise a further 4.3 per cent before we can say that a technical recovery has been achieved,'' he said.
Mr Lawless predicts that could be six months away.
Rismark International managing director Ben Skilbeck said there were indications that buyers were moving away from the sidelines and back into the market.
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