House prices on the rise in Australia

House prices on the rise in Australia
Australian house prices have risen for the 10th straight quarter led by another outsized gain in Sydney, adding to concerns about an overheating market and diminishing affordability in the city, according to an article from the Irish Examiner.

Figures published this week from the Australian Bureau of Statistics showed prices across all the major cities rose 1.6 per cent in the three months to March, lifting annual growth to 6.9 per cent.

The heat was again very much concentrated in Sydney where prices were up over 13 per cent, and that was before the Reserve Bank of Australia cut interest rates to a new low of two per cent in May, according to the article.

Average values across the state capitals rose one per cent, from the previous week, with Sydney alone up 1.6 per cent and Melbourne by 1.4 per cent. Annual growth in prices picked up to 9.1 per cent nationally and a frothy 15 per cent in Sydney. Demand was also strong with almost 84 per cent of home auctions in Sydney proving successful, and 79 per cent in Melbourne.

http://www.mpamagazine.com.au