The RP Data-Rismark series indicates that dwelling prices rose by 1.6% in July to be 4.9% higher over the past year to an eight capital city average of $488,000. The rise in July means that the moving three month average change is a 2.3% rise. Over July, house prices rose by 1.8% and unit prices grew by 2.5%. The increase in dwelling prices indicates that monetary policy stimulus is having a positive effect on the housing market.
Over the year, dwelling prices rose in every capital city except for Hobart. In annual terms, Perth recorded the highest increase, with prices up 8.3%. This was closely followed by Sydney (+6.5%), Melbourne (+4.3%) and Canberra (+4.1%). The table below gives the dwelling price changes by capital city.
Read the full report: Economic Research
Powered by WPeMatico