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House prices still gaining ground

Median house prices grew significantly over the June quarter.  The median house price in accross Australia  climbed 3.2 per cent to $533,243 last quarter.

Auction clearance rates remained fairly high on average over the June quarter. Sydney, Melbourne and Brisbane were the major contributors to the nation’s median house price growth.

House price growth slowed over the year however the growth rate is well above the annual average.  Compare this to the same quarter of last year and 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.

I think we can expect a healthy property market for the rest of the year, with an increase in activity the next couple of years will be good to property owners.