House prices on the rise

House prices on the rise

House prices have risen in all of the seven largest city markets in Australia, according to the July Housing Market Report from Australian Property Monitors, with Adelaide matching Brisbane, Canberra and the Gold Coast in recording annual growth of between 1 and 2.5%.
APM’s senior economist Andrew Wilson says there is increasing buyer activity in the major city markets, buoyed by rising confidence, low interest rates and generally solid economic performance.
“The national housing market has clearly recovered, with the median house price now at $555,657, the highest ever recorded and an increase of $18,037 or 3.4% over the past year,” Wilson says.
Perth leads the way, with a 7.7% annual rise, followed by Melbourne (up 3.4%) and Sydney (up 3.2%). Brisbane, Adelaide, Canberra and the Gold Coast have all recorded annual growth between 1% and 2.5%.