The Australian housing market recovery looks to be in full swing, according to new figures.
Data gathered by RP Data-Rismark has indicated that house prices are 5.3 per cent higher than they were last August.
Perth (9.4 per cent) and Sydney (seven per cent) were cited as the main cities driving this growth, which is great news for any residents selling homes there. According to reuters.com, Sydney remains the most expensive city to buy a home in Australia, with average house prices rising to 587,000 Australian dollars.
Melbourne (A$507,000) and Canberra (A$503,500) were ranked as the second and third most expensive cities respectively.
Experts have noted that low interest rates across the country could have played a key role in the housing boom.
Craig James, chief economist at Australian stockbroker CommSec, predicted that Australia can look forward a healthy housing marketing for some time yet.
Speaking to wallstreetjournal.co.uk, he said: "The lift in home prices in the past three months confirms the ongoing resurgence of the housing sector. The substantial cuts to interest rates will support activity over the medium term."
Home building approvals have also increased for eight months running. Western Australia, Southern Australia and Queensland have had the most projects approved in this period.
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Author
Joe Elvin