Australian Real Estate Market Continues to RISE 2

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Thursday, July 24th, 2014
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Sydney Real Estate
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The house price boom shows no sign of cooling despite the onset of winter.

Price growth in almost all capital cities in the three months to June has helped the median Australian house price soar almost 11 per cent in just 12 months.

Sydney is leading the surge, where the median house price climbed by more than $100,000 in the year to June, or 17 per cent, to hit a record $812,000.

Melbourne recorded 10 per cent growth to $608,000, according to the latest report from Australian Property Monitors (APM).

June quarter prices showed capital city housing markets are showing no signs of slowing down, APM senior economist Dr Andrew Wilson said.

“Most capital cities are maintaining or exceeding the solid to strong prices growth levels recorded during the previous quarter,” he said.

“Other leading indicators of housing market activity such as home loan activity and auction clearance rates point to continued solid buyer activity through 2014.”

Canberra was the only capital city not to have an increase in house prices in 2013/14, dropping by 0.5 per cent to a median price of $576,000.

Despite strong growth in median house prices, unit prices were more varied.

Sydney’s 13.3 per cent growth did pull the national average up to 8.3 per cent, but Brisbane, Canberra and Hobart all fell.

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2
  1. Derek

    Pricing in Sydney is clearly getting ridiculous and out or reach to most PAYE income earners, no doubt in part due to overseas investors + SMSF investors.
    Will the government intervene to do some preventative bushfire back burning prevent a bubble bust? to limit damage caused by a big bubble burst? There was a time for that but I think we have gone past that point for the government to intervene the market will be on for one heck of a ride – either up or down. I just hope Australians can live with the consequences of what has been allowed to happen.

  2. Robo

    Somehow I think this property boom we are having in Australia is not going to end well.