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House prices rise suggesting recovery

House prices rise suggesting recovery

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Australia’s housing recovery is underway with prices increasing 3.3 per cent in the June quarter, the strongest growth recorded in house and unit prices since December 2007.

Official June quarter housing data from Australian property Monitors (APM) revealed Darwin was the strongest market nationally, with annual rises for houses and units up nearly 20 per cent.

Outside of Darwin, Melbourne recorded the next biggest increase with a 5.8 per cent rise in median house prices for the June quarter, leaving prices up 4.1 per cent for the 12 months to June 2009.

The Sydney market was another big mover, with the median house price rising 3.7 per cent. The increase represents the first quarter of growth for the city since December 2007 and brings house prices back to June 2008 levels.

According to the data, Brisbane and Perth were the only markets with both house and unit median prices at less than the June 2008 levels.

APM economist Matthew Bell said the growth across the sector had been driven by the upper end of the market more so than the government’s first home owner grant boost and lower interest rates.

"The national housing market has experienced its strongest quarterly growth in both house and unit prices since the global financial crisis took hold late in 2007. The consolidation that began in the March 2009 quarter has now transformed into strong growth across the country,” Mr Bell said.

 

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House prices rise suggesting recovery
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