House prices continue to rise
House prices continue to rise
House prices have continued to rise, growing at their fastest pace since 2003, a report shows.
According to a report by real estate analysts Australian Property Monitors (APM), house prices grew 3.7 percent in the three months to September, and 7.1 percent since January 2009.
The increase was spurred on by a strong growth in capital city house prices across the country.
According to Matthew Bell, an economist at APM, the growth has expanded beyond cheaper homes and units for first homebuyers, and has reached the top end of the housing market.
“Another quarter of improving employment results and the share market rising by 20 percent has meant that buyers are stepping into the oversold top end of the market to purchase properties at prices still below their late 2007 highs,” he wrote in the report.
He added that mortgage brokers are reporting increases in enquires from property investors, which may help sustain prices after the first homebuyer grant boost expires at the end of December.
House prices have continued to rise, growing at their fastest pace since 2003, a report shows.
According to a report by real estate analysts Australian Property Monitors (APM), house prices grew 3.7 percent in the three months to September, and 7.1 percent since January 2009.
The increase was spurred on by a strong growth in capital city house prices across the country.
According to Matthew Bell, an economist at APM, the growth has expanded beyond cheaper homes and units for first home buyers, and has reached the top end of the housing market.
“Another quarter of improving employment results and the share market rising by 20 percent has meant that buyers are stepping into the oversold top end of the market to purchase properties at prices still below their late 2007 highs,” he wrote in the report.
He added that mortgage brokers are reporting increases in enquires from property investors, which may help sustain prices after the first home buyer grant boost expires at the end of December.
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