House Prices Soar

House prices around Australia are continuing to increase, according to figures released this week by the Australian Bureau of Statistics.

The median house price across the eight capital cities jumped 5.2 per cent in the December quarter last year and 13.6 per cent over the year.

Melbourne recorded the biggest increase of 6.8 per cent for the quarter, and 19.7 per cent for the year.

Prices rose in all other capital cities in the December 2009 quarter, particularly in Sydney (a rise of 5.0 per cent) and Perth (up by 5.7 per cent). There were also positive contributions from Brisbane (up 3.8 per cent), Adelaide (up 2.1 per cent), Canberra (3.6 per cent), Hobart (4.3 per cent) and Darwin (up 4.9 per cent).

Annually, house prices increased by more than one-tenth in most other capital cities. In Darwin, prices were up by 13.6 per cent, Sydney 12.8 per cent, Canberra by 12.4 per cent, Perth 11.5 per cent, Hobart 11.0 per cent and Brisbane 10.9 per cent. Adelaide prices rose by 5.1 per cent.