City markets accelerate during June quarter
While the Sydney market remains the country’s growth leader, other smaller capitals are beginning to gather pace, according to statistics for the three months to June.
Data from Australian Property Monitors shows Sydney house prices have risen by 3.1 per cent over the last quarter.
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The median prices for both houses and units have hit a record high, with houses now at $811,837 and units at $573,255.
Melbourne also had a strong quarter, with prices up by 1.7 per cent.
However, other cities have begun to edge upwards as well.
Brisbane recorded growth of 1.5 per cent, which marks the eighth consecutive quarter of growth for the Sunshine State.
Canberra also made a recovery after a shaky start to the year, climbing by 2.2 per cent.
Adelaide prices jumped up by 1.1 per cent in the three months to June while Hobart increased by 0.8 per cent.
Perth and Darwin, however, are beginning to lag behind.
Prices in Perth rose by just 0.2 per cent in the most recent quarter, despite a 1.0 per cent increase in the months to March.
In Darwin, results were split between houses and units.
Although units rose by 2.1 per cent, houses faltered and fell by 1.9 per cent over the quarter.
The city’s median house price has risen by just 1.3 per cent over the year, while units are up by a whopping 8.7 per cent.
