Australian property market continues to post price gains

The Australian property market continued to grow last month with new statistics revealing that prices increased on average by two per cent.

Figures released by RP Data reveal that over the course of the last year there has been a 12 per cent growth in house value.

Tim Lawless, RP Data's national research director, said that indicators for the coming year suggested that the market would remain in a healthy condition.

He pointed to the increased levels of auctions and clearances, as well as the number of new property available compared to last year.

"[While] we don't expect the same level of capital gains to be recorded in 2010 as we saw in 2009, the initial signs are that the Australian residential property market remains in a very good state of health," he said.

Leading the way in terms of price gains was Darwin, boasting a 4.6 per cent rise, closely followed by Canberra and Melbourne, which both posted 4.3 per cent increases.

Former Take That band member Robbie Williams joined the rising number of Brit's buying property in the country earlier this year.

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