2012 Closes Positively for Sydney and Darwin
In 2012, Darwin and Sydney enjoyed the most significant increase in home values. Darwin home values increased by 8.95% while Sydney home prices increased by 1.47%.
Melbourne was the Australian city that experienced the greatest decrease, with home values falling by 2.86%.
The RP Data Rismark’s monthly index of house and apartment prices showed that across the five major Australian capital cities, home values decreased by 0.22% to the end of December 2012, ultimately decreasing values by 0.44% over the year.
The December interest rate cut made by the Reserve Bank of Australia may have been good news for those with home loans, but it still reduced the value of homes in Sydney by 1.03% and the value of homes in Darwin by 2.5%.
In the month of December, home values in Melbourne increased by 0.45% and in Perth by 0.28%.
Although recovery is expected for the Brisbane-Gold Coast region, the value of residential property in that area fell by 0.76% in 2012.