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Australia's capitals record 1.8% house price growth in June

House prices across Australia's capital cities rose by an average of 1.8 per cent throughout June, according to new data.
Statistics compiled by CoreLogic for its latest Hedonic Home Value Index show that property values in Melbourne grew by 2.7 per cent over the course of the month, while growth of 2.2 per cent was recorded in Sydney and prices increased by an average of 1.4 per cent in Perth.
However, price falls of 1.7 per cent in Adelaide, 2.2 per cent in Darwin and 0.5 per cent in Brisbane dragged the overall average down to 0.8 per cent.
Between June 2016 and June 2017, house prices across the Australian capitals rose by 9.6 per cent, with homes located in Melbourne achieving the greatest growth in price, of 13.7 per cent over the 12-month period. Some 1.5 per cent of this was achieved in the last quarter alone.
Meanwhile, property prices over the past year have risen by 12.2 per cent in Sydney, by 9.6 per cent in Canberra and by 6.8 per cent in Hobart.
At the same time, falls in average house prices have been recorded in Perth (1.7 per cent) and Darwin (seven per cent) over the last 12 months.
There has been much speculation about whether Australia's current property price boom is set to start slowing, but the data for June suggests that this is not going to be the case for some time yet.
Explaining the outlook for the near future, Tim Lawless, head of research at CoreLogic, said: "We are likely to see further tightening and repricing around investment lending and interest-only lending over the coming months.
"Considering investors comprised just over 55 per cent of new mortgage demand across New South Wales, a further slowdown in investment activity is likely to have a more substantial impact on housing demand in Sydney."

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