The property market rebounded in the past year with house sales up by almost third across the nation, a leading analyst says.

The number of houses sold across Australia was 130,000 in the June quarter, up 32 per cent from the corresponding period in 2008, RP Data said on Thursday.

RP Data national research director Tim Lawless said Perth had the greatest growth in sales of all capital cities in the past year.

Sales in the June quarter last year were nearly 70 per cent below the five-year average.

“The future is looking brighter for Perth with the resources sector once again picking up and a modest degree of capital growth returning to the market,” Mr Lawless said.

Sydney, Australia‘s largest city had the second biggest rise with sales up 38 per cent on a year before. Sales of houses in Brisbane were up 35 per cent, Hobart sales were 34 per cent higher, Darwin had an increase of 32 per cent and Melbourne was up 30 per cent, RP Data said.

Adelaide sales were subdued, up nine per cent. However, house sales in 2008 were significantly below the 2001 to 2003 period during the property boom.

The real estate market hit a trough in sales during the September quarter in 2008 before stimuli from the Reserve Bank of Australia and the federal government arrested the slide.

“Because of historically low interest rates, a first home buyer stimulus package and improving economic figures, buyers have been given renewed confidence in market conditions,” RP Data said.

Mr Lawless said home sales were likely to increase during the September quarter before declining during the holiday season.

“Sales volumes are likely to stabilise around historical averages during the first half of 2010 as interest rate rises dampen demand and the level of government stimulus winds down,” he said.

Supplied by AAP


Sourced and published by Henry Sapiecha

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