7 December 2009
The average price of a residential property in Australia appreciated by 3.7% during the third quarter of this year, according to data released by Australian Property Monitors (APM)
On an annual basis, Australia property prices increased by 7.1% compared to September 2008 with property in Melbourne, property in Hobart and property in Darwin all recording the greatest growth, up 11.4%, 11.2% and 10.5% respectively. Property in Perth and property in Brisbane saw the lowest increases of just 1.7% and 2.1%.
Matthew Bell, APM economist, commented: “The national housing market has continued to boom in the last three months, following a very strong June quarter, with quarterly house price growth at +3.7% - the highest rate in six years.
“Another quarter of improving employment results and share market increases of 20%, has meant that buyers are stepping into the oversold top end of the market to purchase properties at prices still below their highs in late 2007.”
See Also: Marc Da-Silva (269), Australia (35)
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