Canberra's house values have recorded higher growth than any capital city in the country and are expected to continue leading the charge thanks to recent interest rate cuts made by the RBA.
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But they are yet to make up losses from earlier in the year.
Latest figures issued today by RP Data and Rismark show national home values recorded some of their first increases in November since December last year. Capital city home values rose a seasonally adjusted 0.1 per cent in the month, and regional home values increased 0.3 per cent.
When comparing the past three months, the report said Darwin and Canberra were the "best performing cities". Their housing values were up 0.3 per cent, while the weakest were Melbourne and Brisbane, where values were down 1.7 per cent.
But the report also showed that all the growth in home values in Canberra effectively came in November, when they were up 0.4 per cent. This was still not enough to make up for earlier losses. Values are effectively flat (down 0.2 per cent) compared with the beginning of 2011 and still down 1.6 per cent on November last year.
The report indicated the unit market was much stronger than for standalone homes in Canberra.
Unit values were up 1.5 per cent in November and by 2.6 per cent in the past three months. They were 0.8 per cent higher than the beginning of the year, but 1.5 per cent lower than a year ago.
In comparison, house prices were down 0.3 per cent in November and by 0.1 per cent over the paste three months. They were also down 0.7 per cent for the year to date and by 1.7 per cent compared with a year earlier.
Rismark director Christopher Joye said the latest growth directly reflected the Reserve Bank of Australia's decision to cut interest rates by 0.25 percentage points in November.
"The November result is consistent with our forecasts that Australia's housing market will respond much more quickly to the RBA's November and December cuts than many analysts expected," he said.