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Australia’s capital city achieved the strongest house price growth over the June quarter, hitting a record median price along with two other major cities.
The average house price increased nationally by 1.5 per cent, with median prices hitting a new record in Melbourne, Adelaide and Canberra, according to the Domain House Price Report for the June quarter.
Canberra experienced the strongest growth of all the capital cities, with an increase of 3.1 per cent over the June quarter to hit the record price of $654,306.
Melbourne house prices reached a record high of $740,995, growing 1.5 per cent over the quarter.
In Adelaide, prices also recorded strong growth, rising 0.9 per cent to hit a record of $498,927.
Looking at the other capital cities, Sydney’s median house price increased 2.4 per cent to $1,021,968, edging back up over the $1 million mark.
In Brisbane, house prices grew by 1.2 per cent to $521,915.
Hobart’s median house price also grew, by 0.3 per cent over the quarter to $345,880.
Meanwhile, prices continue to fall in Perth and Darwin.
Perth prices saw a decline of 1.7 per cent to $568,132, marking a sixth consecutive quarter of price falls for the capital with the median price now at its lowest point since March 2013.
House prices also fell in Darwin by 0.7 per cent to $613,590.
Domain chief economist Dr Andrew Wilson said the data indicates that recent house price falls are at an end, brought on by a revival of investor activity and a drop in mortgage rates.
“With the prospect of further interest rate cuts, it’s likely that house prices will continue rising in 2016 as improved affordability stimulates a surge in market confidence for both buyers and sellers,” Mr Wilson said.
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