Big cities drive huge rises in house val­ues, while sales surge

Port Douglas & Mossman Gazette - - FRONT PAGE -

HOUSE val­ues in the cap­i­tal cities have hit their high­est since 2009, driven by ris­ing prices in Syd­ney and Mel­bourne.

Syd­ney’s me­dian house val­ues rose 2.5 per cent last month while Mel­bourne’s gained 2.4 per cent.

House val­ues fell in ev­ery other ma­jor city ex­cept Ade­laide last month, mean­ing ag­gre­gate cap­i­tal city home prices rose by 1.6 per cent, RP Data Ris­mark fig­ures show. ‘‘We haven’t seen mar­ket con­di­tions this strong since april 2009 for Syd­ney and May 2010 for Mel­bourne, RP Data an­a­lyst Tim Law­less said. An­nu­alised cap­i­tal gains of 20 per cent in Syd­ney and Mel­bourne would be a con­cern if this con­tin­ued into next year, Mr Law­less said.

‘‘It would have the po­ten­tial to push home val­ues above what might be con­sid­ered sus­tain­able mar­ket value,’’ he said.

HIA data shows new home sales rose 3.4 per cent in Au­gust.

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