House price growth continues
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29/07/2010 5:55:00 AM
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House prices grew 2.4% around the country in the June quarter, Australian Property Monitors says.
The real estate research group found the annual national rate of growth for house prices remained strong at 15.6%. Home unit prices rose 2.4% during the quarter, an annual rate of 12.2%, APM said.
"Over the quarter we have seen increased investor activity mitigate the fall in demand from owner-occupiers, particularly the drop-off in first-home-buyers," APM economist Matthew Bell said.
"APM expects further price growth moderation in the next three to six months as the low levels of housing finance and the risk of further rate increases weigh on the market.
The continued rise in prices was surprising, Bell said, due to the six interest rate rises between October 2009 and May this year.
Sydney experienced a 2.3% house price rise, or an annual increase of above 13%, with units up 2.8% during the quarter. Melbourne house prices jumped 4.4%, for a strong annual rate of 27.9%.
Hobart and Darwin were the only places to record price falls.
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