The future looks promising for property investment in Australia with the latest RP data showing that the market is continuing its growth spurt. Conditions in Melbourne and Sydney are at their strongest compared with the last few years.
Low interest rates continue to buoy the market in Australia and government initiatives encouraging the purchase of new properties have also helped to spur investors into action.
Residential values in Melbourne and Sydney have increased by over 2% in the month of September alone. This brings quarterly growth to over 5% in each area too.
According to RP Data research analyst Tim Lawless, conditions this strong have not been experienced since 2009 and 2010 in Sydney and Melbourne respectively.
Perth and Brisbane values also continue to rise, but they are growing by about 1% less at present.
However, Lawless made it clear that the growth may not be as clear-cut as it first seems. When compared with an overall price increase in Sydney, the property value increase is less impressive. Sydney currently has the slowest capital gain of any capital city in Australia.