Latest figures released today by the Australian Bureau of Statistics show the established house price index grew by a higher-than-expected 3.1% during the June quarter. This translated into an annual increase of 18.4%.
The biggest increase was in Sydney, where house prices increase by 4.9% in the 3 months to June. Sydney’s annual house price growth was 21.4%.
Melbourne property prices increased by 3.6% in the last quarter giving a enormous 24.3% growth rate for the full year.
The Statistician reported that house prices in Sydney and Melbourne were supported by mid-to-lower-tier priced properties. In Sydney, it was properties in the $650K-$1.2mn range while in Melbourne it was properties below $700K that supported the market
Results for the other states were: Adelaide 3.2% in the quarter, annual gain of 11.6%, Brisbane +0.3% / 8.5%, Perth +0.4%/+13.0%, Hobart +0.1%/10.8%,Canberra +2.1%/19.6% and Darwin +2.8%/14.6%.
Of course this is quarterly data and lags the more up to date monthly series from RP Data-Rismark which show that there was negative house price growth in the month of June. Click Here.
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