NEWS
House prices hit six-year high
Australia’s house prices spiked in the September quarter with a 3.7 per cent jump -- the fastest quarterly increase since 2003, according to residential research group Australian Property Monitors.
The rise in national house prices was led by "explosive" growth in the more expensive suburbs, which had started in capital cities and spread to the rest of the country, APM economist Matthew Bell said.
Strong rental yields and the prospect of future capital gains were enticing investors to enter the market in the second half of this year, continuing into early next year.
APM figures showed that the national average unit price in Australia rose 3.4 per cent.
Unit prices were expected to rise by 7.4per cent over the year.
Source: The Australian
Published: 30 October 2009
