Poorer suburbs see highest property price rises
House prices in Australia’s less affluent suburbs outperformed the luxury end of the market in the June quarter of 2010, new data has revealed.
The latest Australian Property Monitors (APM) house price report shows that while national house price growth slowed to 2.4 per cent during the quarter, poorer suburbs like Sydney’s troubled greater west market were among the top performers, the Australian reported.
According to the figures, the median unit price in Sydney rose 2.8 per cent to $435,996 over the three-month period while the median house price increased 2.3 per cent to $625,488.
As the newspaper observed, it was the fifth consecutive quarter of price rises for Sydney, with some of the largest increases recorded in the city’s southwest, south and west.
"We have seen a return to the less expensive end of the market outperforming the top end in all major housing markets with the exception of Brisbane," commented APM economist Matthew Bell.
The news may encourage more Aussies to compare home loans in areas where values are showing signs of recovery. Fears of an official interest rate hike next month were yesterday (July 28th) eased after Consumer Price Index data showed a smaller-than-expected rise in inflation.
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