Finance Property House price rise in cities beats forecasts
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House price rise in cities beats forecasts

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Capital city home prices rose 4.7 per cent in the June quarter, well above market expectations of a 2.4 per cent gain.

Over the year to June, the residential property price index was up 9.8 per cent, the Australian Bureau of Statistics said.

Sydney’s annual price growth was twice as fast as the next best city, Melbourne, and has enjoyed double digit growth since the September quarter of 2013.

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Perth and Darwin had the weakest outcomes, being the only cities to post a fall in prices in the June quarter and in the year to June.

CAPITAL CITY HOME PRICES

* Sydney – up 8.9 per cent in June qtr, up 18.9 per cent in the year

* Melbourne – up 4.2 per cent and 7.8 per cent

* Brisbane – up 0.9 per cent and 2.9 per cent

* Canberra – up 0.8 per cent and 2.8 per cent

* Adelaide – up 0.5 per cent and 2.7 per cent

* Hobart – steady and up 1.5 per cent

* Darwin – down 0.8 per cent and down 1.8 per cent

* Perth – down 0.9 per cent and down 1.2 per cent

Source: Australian Bureau of Statistics

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