AUSTRALIA’s housing recovery is under way, with prices jumping 3.3 per cent in the June quarter – the strongest quarterly growth recorded in house and unit prices since December 2007.
The figures were revealed in the latest Australian Property Monitors’ Quarterly Housing Data report, which said Brisbane and Perth were the only markets with both house and unit median prices at less than June 2008 levels.
The Sydney market was one of the biggest movers, with the median price rising 3.7 per cent, the first quarter of median price growth for houses since December 2007. The rise brings house prices back to the level of June last year, The Australian reports.
Darwin remained the strongest market nationally, with annual rises for houses and units up nearly 20 per cent. Outside of Darwin, Melbourne recorded the next biggest rise in median house price, up 5.8 per cent in the June quarter.