The Australian Property Monitors September Housing Market Report is out:
“Buyer and seller activity in Australian capital city housing markets continues to improve, as the impact of the lowest interest rates in 60 years, rising confidence, and generally solid local economic performances fuel a now well-established recovery in house prices. The national house price rose by 2.5% over the July quarter, up by 5.6 percent over the year. All capital cities recorded rises in median house prices over the July quarter, with the exception of Canberra and Hobart. Hobart is also the only capital that has not recorded an increase in house prices over the past year.
Increased investor activity continues to be a significant driver of rising housing market activity, particularly in Sydney and Perth, where solid yields, rising rents, low vacancy rates and rising prices are proving an irresistible magnet.
Following a strong winter performance, the national spring selling season is shaping up to be the best since 2010, with the prospect of increased buyer and seller activity, and healthy prices growth in most capitals.”
Median house price in Sydney at the end of July was $691,227 which is up 3.0% for the quarter and 7.0% for the year.
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