Australian home prices lift 0.3% in February

Australian home values rose again in February following a 1.2 percent increase in January, according to the monthly RP Data/Rismark Home Value index result released on Friday. The latest index showed Australia's capital city dwelling values rose by 0.3 percent in February. The February result was largely driven by Australia's second largest housing market, Melbourne, where dwelling values were up 1. 5 percent. Sydney recorded a 0.1 percent rise during the month, while prices in Canberra and Darwin rose 1.9 percent and 2.3 percent respectively. The remaining capital cities including Brisbane, Adelaide, Perth, and Hobart experienced a fall in values. RP Data research director Tim Lawless said the February result was a subtle rise, with half of the country's capital cities recording a lift in values over the month and the other half showing a drop. Lawless said most housing markets bottomed out around May in 2012 and since that time the combined capital cities index has recorded a 3.3 percent improvement. "While the housing market is staging a demonstrable recovery, we need to see values rise a further 4.3 percent before we can say that a technical recovery has been achieved," he said in a statement. "That amount of value appreciation is likely to be at least six months away."