Despite reports in March that home values had taken a hit from rising interest rates, RP Data and Rismark’s Property Value Index shows Australia’s property markets have been largely resilient to any falls in value – although the rate of growth is slowing.
According to the index, national property values rose by 1.97 per cent over the three months to February 2008. Annually, values rose by 13.65 per cent in the twelve months ending February.
Rismark International head of research Dr Matthew Hardman said the results were “surprisingly resilient” but that the first half of the year can expect “subdued rates of capital gains with the potential for increased volatility from month-to-month and especially around RBA interest rate announcements”.
In the long-term Dr Hardman was confident that high immigration, low unemployment and housing shortages would support strong residential property growth of around 6-8 per cent annually across Australia for the next three-five years.
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