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Australian property values rise 0.3 percent in February: report

Xinhua, March 2, 2015 Adjust font size:

Australian home prices rose 0.3 percent in February across all metropolitan areas with sharp rises in Sydney offsetting falls in other capital cities, a new report revealed on Monday.

The CoreLogic RP Data figures showed Sydney recorded a 1.4 percent increase in home values, with the median price of 680,000 Australian dollars (529,180 U.S. dollars) reflecting a 13.7 percent rise over the last year.

Melbourne home values rose just 0.2 percent, Adelaide prices rose 0.2 percent, and Canberra was up by 1.3 percent.

However Perth fell 2.2 percent, Brisbane was down 0.8 percent and Hobart dropped 0.9 percent, according to the report.

CoreLogic RP Data's research team chief Tim Lawless said the combined values of capital city dwellings were 8.3 percent higher over the past year.

"The slower rate of capital gain in February may come as a surprise to some who were expecting lower mortgage rates to instantly propel the pace of home value growth higher," he said in a statement.

"We are already seeing the effect of lower mortgage rates, with auction clearance rates surging to the highest levels we have seen since 2009.

"Despite the flurry of activity, it will likely take some time to see this flow through to a higher rate of capital gain." Endi