House prices record solid growth
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|Wednesday, 15 September 2010|
Median house prices grew significantly over the June quarter, a new report has found.
According to Mortgage Choice's Real Estate Market Facts report, the median house price climbed 3.2 per cent to $533,243 last quarter.
Mortgage Choice Senior corporate affairs manager Kristy Sheppard said the auction market had performed well, especially when compared with the previous quarter.
"Despite reticence from a number of potential buyers, auction clearance rates remained fairly high on average over the June quarter," Ms Sheppard said,
According to Real Estate Institute of Australia (REIA) president David Airey, Sydney, Melbourne and Brisbane were the major contributors to the nation's median house price growth.
"Although house price growth slowed over the year, the growth rate is well above the annual average," Mr Airey said.
"Compared to the same quarter of last year, house prices increased across all Australian capital cities, with growth rates ranging from 8.9 per cent to 26.5 per cent.
"Melbourne recorded the largest increase whilst Perth recorded the smallest growth," Mr Airey said.
"We can expect a healthy property market for the rest of the year, with an increase in activity in the medium and long term," he said.