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July was a good month for home values

By Ben Faulks

The latest statistics released by RP Data-Rismark show that in July, dwellings in capital cities, including Canberra, jumped 1.6 per cent in July, bringing total home value growth to 6.5 per cent compared to May 2012.

This increase was likely felt in the Belconnen real estate community, with Canberra recording the largest rise compared to the rest of the capital cities in the country. Here, home values saw a 2.5 per cent increase in the last month alone.

Tim Lawless, RP Data research director, urged people not to celebrate prematurely, though. While the news was certainly good, there will likely still be inconsistencies in the housing market.

Still, the top markets are certainly performing well.

"The housing market is being buoyed by very positive conditions in Sydney, Perth and to a lesser extent Melbourne, with residential values in these cities now 3.7 per cent, 4.4 per cent and 2.4 per cent respectively higher over the past three months alone," he said.

Over the course of the past year, Canberra real estate values have risen 4.1 per cent, compared with the average capital city growth of 4.9 per cent.

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