Despite the doom and gloom of the world economic crisis, in Australia, residential property is bucking the trend with Melbourne’s house prices up by 6.1% over the last year to June 09.
The latest industry data that we are seeing regarding month on month growth in the sector indicates that the strong fundamentals underpinning our housing market are very strong. These include a chronic shortage and huge demand. Particularly, in the Melbourne market.
“The fundamentals are stacking up that we should see month on month growth. I don't believe its artificial (due to the first home buyers' bubble); it is a broad cross-section of the market." Says Tim Lawless RP Data’s director of property research.
The findings indicate that Melbourne has outperformed all other capital cities.
Housing prices over the last year
- May up 0.9%
- Jan-May 09 up 3.9%
- 12 months 1.6%
Housing prices by capital city
- Sydney up 5.2% to $529,785
- Melbourne up 6.1% to $469,357
- Brisbane up 2.6% to $432,101
- Adelaide up 0.5% $396,839
- Perth down 0.5% to $468,052
- Darwin up 5.5% to $444,846
- Canberra up 2.1% to $460,309