Ensure you never miss an issue of the
real estate business bulletin
Property prices climb to six year high

Property prices climb to six year high

by Reporter 0 comments

Residential property prices in Australia increased 3.7 per cent in September to a six year high, heightening the likelihood of a third consecutive rate hike in December.

The latest figures from Australian Property Monitors (APM) showed that Melbourne is the fastest growing real estate sector with prices rising 6.1 per cent in the third quarter of the year, the fastest quarterly increase since 2003.

The average house price in Melbourne was $487,249, compared with $437,560 in September last year; the city's average house price has now risen 11.4 per cent during the last 12 months.

Hobart is not far behind Melbourne, with prices up 5.4 per cent for the quarter.

APM economist Matthew Bell has warned that the recent jump in property prices may not be sustainable over the longer term because they are currently being underpinned by first home buyers.

According to Mr Bell, the rise in house prices across the nation is being led by the explosive growth in the more expensive suburbs which have seen house prices steadily climb since June.

“House price growth in Australia has come despite massive falls in many developed economies due to the global economic crisis. Low interest rates, generous government grants for new home buyers, relatively low unemployment, and strong population growth have all helped to lift demand for houses,” he said.

 

le>.b-autolinks{text-decoration:underline}.b-autolinkshadowbox { display: inline; position: relative; cursor: pointer; color: #428bca;} .b-autolinkshadowbox:hover > span { display: block !important; } .b-autolinkshadowbox__links { white-space: nowrap; z-index: 999; display: none; left: 0; border: 1px solid #bfbfbf; border-radius: 5px; font-size: 12px; top: 12px;color: #000; padding: 10px; position: absolute; background-color: #FFF; box-shadow: 0px 0px 20px 1px #bfbfbf; } .b-autolinkshadowbox__links > a { display: block; padding: 3px 0; }
Property prices climb to six year high
lawyersweekly logo
promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2017

The REB Top 100 Agents ranking is the foremost ranking of agents in Australia. It has set the bar for excellence in Australian real estate. To be ranked as an REB Top 100 Agent is the standard real estate professionals strive for. See the full 2018 ranking here!

featured podcast

featured podcast
The difference between an average agent and one who dominates

McGrath Crows Nest’s Peter Chauncy is number 10 in this year’s REB Top 100 Agents ranking. Peter, however, is more likely not surprised ...

View all podcasts

Would you consider working for Purplebricks or a similar 'DIY' model?

Yes (7.2%)
No (80.9%)
Perhaps - make me an offer (12%)

Total votes: 209
The voting for this poll has ended on: July 13, 2018
Do you have an industry update?