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Brisbane Sees Rise in Home Values

Brisbane experienced a rise in house and unit prices last year, which may have had knock-on effects for Bulimba real estate and properties in surrounding areas.

House prices in the Queensland capital increased 5.3 per cent over the course of 2013, while units ended the year 3.5 per cent higher than they started, the latest RP Data-Rismark Home Value Index showed.

Value growth was shown to have only slightly outpaced expansion in the rental sector, leading to gross house yields declining from 4.7 per cent in 2012 to 4.6 per cent the following year.

Units have seen a similar situation emerge, as yields have fallen from 5.6 per cent to 5.5 per cent.

Commenting on the national figures, RP Data's Cameron Kusher said: "Clearly value growth has gathered momentum throughout the second half of the year."

House prices increased 3 per cent during the first six months of 2013 before rising 6.6 per cent during the latter half of the year.

He urged for the statistics to be considered in context – the growth rate is not as impressive as it might first seem given the low interest rate environment and previous falls in home values.

Australia's official cash rate currently stands at an all-time low of 2.5 per cent.

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