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Brisbane property values rise 5.1 per cent in 2013

House values in Brisbane have risen

but are still short of their peak Source: News Limited

BRISBANE'S property market had continued to claw its way back into positive territory with new data revealing a 5.1 per cent increase in values for 2013.

The latest RP Data Rismark Hedonic Index revealed house values were up 5.3 per cent on the same time last year.

While unit values did not perform as strongly they still increased by 3.5 per cent to a current median price of $383,000.

The increase means the median house price in Brisbane went from about $446,300 this time last year to $470,000 now.

Despite the increases Brisbane dwelling values still have a long way to go to reach their previous peaks, with values down 6.6 per cent since the height of the market.

Throughout the country all capital cities recorded positive growth during 2013. Sydney was the standout performer with its values up by 14.5 per cent.

RP Data analyst Cameron Kusher said across the combined capital cities, home values increased by 9.8 per cent during 2013.

This was the fastest annual rate of value growth since August 2010.

"Despite the strongest annual value growth since 2009, the rate of growth was not that startling given the low interest rate environment and the previous successive years in which home values fell,'' he said.

He said although value growth had been strong compared to recent years it was still somewhat muted.

In Brisbane Mr Kusher said housing growth had only slightly outpaced rental growth in the past year.

LJ Hooker head of residential, Christopher Mourd, said the results were a positive upside for Brisbane.

He said there was latent demand for property in Brisbane and it had become more appealing to investors.

Mr Mourd tipped that the Brisbane property market will fly this year.

"We are getting greater inquiry from investors about investing in Brisbane,'' he said.

Mr Mourd said rental yields were good in Brisbane and the median price was more affordable than Sydney and Melbourne.

"You are paying less and getting a better return,'' he said.

"I think the news is incredibly positive for Brisbane.''

Source  :  http://www.news.com.au/finance/real-estate/brisbane-property-values-rise-51-per-cent-in-2013/story-fndbalka-1226793700003

 

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