PHOTO: Australian property boom
Aussies went crazy for property in the past year, new data has revealed, as prices continued to jump to record breaking numbers.
Property prices have soared 16 per cent higher in the past year, with Sydney’s median house values skyrocketing by more than 21 per cent to $1.01 million, according to new data from CoreLogic.
While Australian housing values increased nationally by just 1.6 per cent in July, the latest rise takes housing values 14 per cent higher in the first seven months of the year, it found.
Tim Lawless, CoreLogic’s research director, said while the market remained strong, it was starting to lose steam.
“The 16.1 per cent lift in national housing values over the past year is the fastest pace of annual growth since February 2004, however the monthly growth rate has been trending lower since March this year when the national index rose 2.8 per cent,” he noted.
Darwin and Tasmania recorded incredible increases in house prices annually. Darwin dwellings jumped in value by a whopping 30 per cent with the median value sitting at $486,000, while there was a 1.6 per cent rise in prices in July.
Tasmanian wasn’t far behind with an annual increase of 27 per cent taking the median value of a property to $621,100 and a 1.7 per cent increase in July.
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