Australia's housing recovery has continued in July, with solid across-the-board capital gains, according to RP Data-Rismark Home Value Index.
Australian home values rose by 0.9 per cent in July, bringing total capital growth in the first seven months of 2009 to 5.9 per cent.
"Not only has Australia's residential property market outperformed the other major western markets, it has also provided superior returns compared to shares, commercial property, superannuation, hedge funds and private equities," says Rpdata.com national research director, Tim Lawless. "Every mainland capital city has experienced solid growth during the first seven months of the year."
Melbourne and Sydney led the way, with their home values rising by 8.5 per cent and 6.6 per cent respectively. Darwin is the strongest of all capital cities, with values increasing by 10.8 per cent. Brisbane increased by 3.8 per cent, Canberra by 5.4 per cent, Perth by 2.5 per cent and Adelaide by 1.9 per cent.
