House prices in Aussie capitals rise 18% this year

Wednesday 04 August 2010

Article by Mozo

House prices in Australia’s major capital cities have risen by 18.4 per cent over the last year, new figures show.

The latest House Price Index of eight capital cities by the Australian Bureau of Statistics (ABS) also revealed quarterly growth to June of 3.1 per cent, news.com.au reported.

According to the ABS, Melbourne and Sydney were among the top performers with house prices over the year to June rising by more than 24 per cent and 21 per cent, respectively.

Westpac economist Matthew Hassan told the news website that despite the recorded annual rise, the data showed a “clear slowing” in price momentum.

Yesterday (August 3rd), the Reserve Bank chose to keep interest rates on hold after noting that “the upward pressure on dwelling prices appears to have abated”.

Australia’s fluctuating house prices are sure to interest Aussies looking to compare home loans in search of the best deals. Last week, research by credit agency Veda Advantage showed that home loan applications rose 2.3 per cent in the June quarter compared to the first three months of this year.

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