House prices rise by almost 20% in cities

Story by news.com.au

HOUSE prices in major capital cities have jumped by almost 20 per cent in the past year, according to the latest Australian Bureau of Statistics figures.

The House Price Index of eight capital cities released by the national statistician today, shows quarterly growth to June of 3.1 per cent, and an annual increase of 18.4 per cent.

The data shows growth of almost double that of the private sector RP Data/Rismark index released last week which showed national city dwelling values up 10.5 per cent in the same period. 

In its data today, the ABS said Melbourne house prices had jumped more than 24 per cent over the year to June, while Sydney house prices had risen 21 per cent.

The index covers detached residential dwellings on their own block of land regardless of age, the ABS said. The RP Data index is calculated measuring all dwelling types.