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Australian property prices start rising for the first time since 2010

Australian property prices start rising for the first time since 2010.

Australian property prices start rising for the first time since 2010Experts believe that the Australian residential property market is set for a revival in 2012 after house prices went up nationally for the first time since September 2010. Although, those are tentative signs of recovery for the housing market, it is expected that the trend will continue in 2012.

The latest figures from Australian Property Monitors show that Melbourne house prices rose by 1.1%, while prices in Sydney were flat after a steep fall of 1.8% in the previous quarter.

Although prices in other big cities fell slightly, Melbourne and Sydney were the principal contributors to the small rise in the national median house price during the December quarter.Adelaide and Hobart also recorded increases in median house prices each rising by 0.5% over the quarter.  However, Canberra, Darwin, Brisbane and Perth all recorded falls in median house prices with Brisbane and Perth, falling with 1.2%.

Due to the increased housing affordability as a result of falling interest rates and subdued house prices, the continuing prospect of strong economic growth, particularly in the resource sector, most Australian capital city housing markets are expected to recover through 2012.

Sydney's house prices, the country's most resilient because of a shortage of housing, rose in the December quarter by 0.7%, according to the RP Data-Rismark figures.

Analysts expect to see even more activity and increase in the transaction volumesin February and March in this year, following the interest rates cuts last November.


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