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House prices on the rise once m...

House prices on the rise once more in Sydney, Melbourne, Brisbane

House prices appear to be on the rise throughout Australia, with sellers up and down the country expressing confidence in the property market by asking buyers for more money.

This is according to the findings of the latest Asking Price Index from the Domain Group, which indicated that price demands have been upped in every capital city bar Perth and Darwin over the past 12 months.

Properties in Melbourne and Sydney were identified as being the most lucrative in the property game, with asking prices standing at 10.3 per cent and 9.2 per cent more than they did one year ago respectively.

The median price for properties in these cities was $1,031,911 for Sydney and $685,954 for Melbourne, with Canberra and Perth in third and fourth place with prices at $650,364 and $587,180.

Both Sydney and Melbourne saw an increase in unit asking prices of 7.4 per cent for the former and 6.4 per cent for the latter - and this comes in spite of ongoing debates surrounding oversupply.

Andrew Wilson, chief economist of the Domain Group, said that around three-quarters of the market was accounted for by private sales.

He added that tracking the price trends of this offers an indication of sentiment and future price growth that can be followed in real time.

"There's clear signs of prices growth accelerating again in Sydney," Mr Wilson commented.

"After a weak spring market last year, we've seen a strengthening spring this year. Interest rates are low and investors are back."

The highest rate of price growth in Sydney was found in the south, where they rose by an average of 15 per cent year-on-year - and those in the city and the east watched price demands skyrocket 13.9 per cent just this quarter.

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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