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Australian House Prices Jump to a New Record High, but Emerging Signs of Market Cooling

Amnon Free Press/Central Press Syndicate, USA. Read, Enjoy and Share the Latest US News Updates.

Australian residential property prices continued to surge, revealing record levels of growth over the three months to June, according to new figures. The Australian Bureau of Statistics (ABS) revealed on Tuesday that home prices rose 6.7 percent—the strongest quarterly growth figure since ABS began tracking the data in 2003. “The continued growth in property prices was occurring at a time of record-low interest rates. Persistently low levels of stock on the market were being met with strong demand and properties transacting at an increasingly rapid rate,” ABS Head of Prices Statistics Michelle Marquardt said. Capital city homes rose a combined 7.7 percent, with Canberra experiencing the highest jump (8.2 percent) followed by Sydney (8.1 percent). However, Perth and Darwin had comparatively muted price movements, with both areas growing by just under 5 percent, the lowest of the capital cities. The total value of residential properties rose by $596.4 billion (the U.S.$439.37 …

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