Property values up 1.8 percent in January: RP Data

Excerpts from Emma Thelwell, ninemsn Money

Figures released today by RP Data show that average property prices have jumped by nearly 12 percent over the last 12 months, defying fears of a housing bubble and exacerbating the housing affordability crisis.

Sydney continues to boast the most expensive property, with homes fetching a median price of $494,500 in January, up 1.7 percent in just one month, according to the RP Data-Rismark index.

However, the Darwin property market continued its steam ahead, with homeowners enjoying a 4.6 percent rise in values over the month to an average $475,000.

The property markets in both Canberra and Melbourne added 4.3 percent to the average home value, while Adelaide saw a 3.2 percent boost in prices and Brisbane recorded a 1.8 percent hike.

Perth and Hobart were the only capital cities to suffer a fall in prices, down 0.6 percent and 0.1 percent respectively.

Commsec expects home prices to gain 5 to 8 percent over 2010.