Australian housing is at the bottom of the market, according to the latest RP Data figures, which show that the threat of large falls in value is now in the past in most markets.
RP Data senior research manager Cameron Kusher, said stable market conditions, due to expectations of low interest rates over the medium term, were creating the right environment for a recovery.
“The latest data reinforces the notion that Australia’s housing market is moving past the correction phase which saw values fall by 7.5% between the end of October 2010 and May 2012,” Mr Kusher said.
“Home values in Brisbane and Perth remain below where they were five years ago, whereas the other mainland cities have all increased over this period,”
Mr Kusher said that the road to recovery was likely to be full of bumps and pauses and local supply and demand issues will drive each market.