Three-year record growth for property markets

Three-year record growth for property markets

Posted on Thursday, July 25 2013 at 2:11 PM

The numbers show real estate is on the rise, according to property research firm Australian Property Monitors (APM).

In their latest data release, APM says the national
housing market has recorded its strongest gain in more than three years with the
majority of capital city markets at or near record price highs in the June

National median house prices rose 2.8 per cent over
the quarter to $564,325, which is up 5.4 per cent for the year since June 2012.

This is the third consecutive quarterly rise in the
national house price and reflects the market’s best growth since March 2010.

National unit prices also rose solidly over the
quarter, up by two per cent, and were 3.2 per cent stronger for the 12-month

APM senior economist Andrew Wilson says the market is
reflecting other positive news.

“Buyer activity has increased significantly over the
first half of 2013 with the rise in house prices in nearly all Australian
markets being propelled by the lowest interest rates in decades, rising
confidence and continued generally solid economic performances.”

Melbourne recorded the strongest gains of all the
capitals over the June quarter with houses up five per cent to $553,447 and
units rising 3.7 per cent to $411,714.

Sydney’s prices increased too with housing 2.7 per
cent stronger to $690,064 and units showing a gain of 2.4 per cent to $491,845 over
the June quarter – both all-time highs for the city.

Perth and Canberra also recorded their highest ever
median house prices over the June quarter.

“The results in the major markets of Sydney and
Melbourne are not surprising and is in line with forecasts made earlier in the
year on these markets’ performances – of particular note the correlation over
the quarter with the strong auction clearance rates, proven to be an accurate guide
to the general level of house and unit prices growth.

“The patchiness that has characterised market activity
over 2012 is diminishing and we are seeing the fastest prices growth since the
government-stimulated house price boom of 2009/ 2010 with most capital city
markets and market segments at or near record levels and rising,” Wilson says.

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