Sydney and Melbourne led the country in house price rises in September, hitting highs not seen since 2010.
Sydney’s home values rose 2.5 per cent during the month and were up 5.2 per cent over the September quarter, while Melbourne’s values also rose substantially by 2.4 per cent, up by 5.0 per cent over the quarter.
Figures released today by RP Data Rismark described the growth as a ”technical” recovery in the housing market, prompting further speculation that the country is in a property bubble.
Historic low interest rates have prompted people to borrow and return to the market.
By the end of September, capital city values were 0.7 per cent higher than their previous record high set in October 2010.
Perth showed weakening signs coming off the mining boom, just rising 1.3 per cent over the September quarter.
Brisbane didn’t fare so well either, showing just a 1.1 per cent rise over the past year.
Canberra’s home values fell during September by 0.7 per cent, Hobart’s were also down 2 per cent and Darwin’s dropped 2.5 per cent. Adelaide’s rose 1.1 per cent during the month.
Source: The Age