Stephen Nicholls August 01, 2012
Sydney homeowners preparing for spring sales campaigns have been given some encouraging news with three sets of data now showing price growth.
Independent analysts RP Data-Rismark today released its July results, which showed Sydney dwelling prices were up 1.2 per cent over the month. House prices went up 1.4 per cent while apartment prices were flat.
RP Data research director Tim Lawless said it was the second monthly dwelling rise in a row - prices went up 1 per cent in June.
"Two consecutive months of growth is encouraging and will probably improve spirits," Mr Lawless said today.
"If we do see another rise in August, the worst will be behind us."
However, Mr Lawless cautioned that he would want to see more months of gains before concluding that a recovery was under way.
Australian Bureau of Statistics data was also released today showing established house prices in Sydney grew 1.4 per cent in the June quarter. New homes had grown 1.1 per cent.
The Housing Industry Association's senior economist, Andrew Harvey, said interest rate cuts could have halted price falls in their tracks.
"The data will be another blow to the housing market doomsayers that, against all available evidence, continue to portend a collapse in Australia's housing market," Mr Harvey said.
The Fairfax-owned Australian Property Monitors released its June quarter data last week and that also showed price growth. Its figures showed that most of the growth had been in the $600,000 to $1 million price range of houses, which had jumped 1.2 per cent over the June quarter and 4.5 per cent for the first half of the year.
Weekend auction clearance rates have also been improving. They averaged 60 per cent in July. This compares with 50 per cent in December. They were 54 per cent a year ago.
Stephen Nicholls is the Herald's Property Editor.