Melbourne property prices continued their surge in the September quarter leading Australian cities with an impressive 6.7% rise for the quarter.
The continued improvement on the East Coast has now seent he weighted average of the 8 capital cities move to 10.6% pa which is a very impressive result.
Melbourne and Brisbane lead the way with 17.8% and 18.1% growth respectively for the year to September 2007 with Adelaide coming in a very respectable 16.2% for the year.
The strong Perth market came in last place with a 1.1% growth on the quarter and after such impressive results in recent years, of 30%pa plus, the last year growth slowed to just 2.8% in the Perth market, confirmiing our belief that that market has now moved into the slow phase.
With the strong economic activity in Western Australia, this slowing down is sure to be very short lived and the strong growth phase will begin again in the near furture.
The East Coast Markets should remain with above average preformance for some time as there will be a long delay in construction starts to satisfy the strong demand in the market.
This is good news for all those that have already entered the market, but means those that have yet to jump in should stop procrastinating as prices will only continue on their push upwards.
The record incoming migration and strong underlying economy are the primary drivers of the growth, and these conditions do not seem set to change in the near future.
 |
Jun Qtr 07 to Sep Qtr 07 |
Sep Qtr 06 to Sep Qtr 07 |
| Established house prices | % change |
% change |
| Weighted average of eight capital cities | 3.5 |
10.6 |
| Sydney | 1.5 |
5.2 |
| Melbourne | 6.7 |
17.8 |
| Brisbane | 4.0 |
18.1 |
| Adelaide | 5.1 |
16.2 |
| Perth | 1.1 |
2.8 |
| Hobart | 3.9 |
11.6 |
| Darwin | 5.1 |
13.1 |
| Canberra | 3.9 |
11.2 |
| Source ABS House Price Index Sept 07 |
The continued improvement on the East Coast has now seent he weighted average of the 8 capital cities move to 10.6% pa which is a very impressive result.
Melbourne and Brisbane lead the way with 17.8% and 18.1% growth respectively for the year to September 2007 with Adelaide coming in a very respectable 16.2% for the year.
The strong Perth market came in last place with a 1.1% growth on the quarter and after such impressive results in recent years, of 30%pa plus, the last year growth slowed to just 2.8% in the Perth market, confirmiing our belief that that market has now moved into the slow phase.
With the strong economic activity in Western Australia, this slowing down is sure to be very short lived and the strong growth phase will begin again in the near furture.
The East Coast Markets should remain with above average preformance for some time as there will be a long delay in construction starts to satisfy the strong demand in the market.
This is good news for all those that have already entered the market, but means those that have yet to jump in should stop procrastinating as prices will only continue on their push upwards.
The record incoming migration and strong underlying economy are the primary drivers of the growth, and these conditions do not seem set to change in the near future.
