New data has shown that property values in Australian capital cities increased by 1.6 per cent in September, with Sydney and Melbourne leading the rise.
According to propertywire.com, the RP Data and Rismark International Index showed that in these two cities, house prices are up by over two per cent - displaying the strongest housing market Sydney and Melbourne have seen in years.
Residential property values in Sydney have jumped up 2.5 per cent during last month and 5.2 per cent over the last three months. Melbourne properties are doing just as well, with values increasing by 2.4 per cent last month and five per cent over the quarter, reports yourinvestmentpropertymag.com.au.
The data is good news for those considering investing in overseas property in Australia, as Tim Lawless, RP Data research director and analyst, said the market is looking very strong.
"We haven't seen market conditions this strong since April 2009 for Sydney and May 2010 for Melbourne," he said.
Although the high house value growth seems to be focused on just two capital cities at the moment, which is something investors might want to keep in mind.
"Most other capital city housing markets are in fact showing only a modest growth trend," Mr Lawless added.
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Author
Laura Varley