Australian June Qtr House Prices Rise: Australian Property Monitors

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Australian house prices rose 3.3% in June quarter, which was the strongest quarterly increase since December 2007, the latest report from the Australian Property Monitors showed Thursday.

In Sydney, median house prices rose 3.7% in the June quarter. This was the first quarter of median price growth for Sydney since December 2007. Meanwhile, Melbourne reported 5.8% rise and Brisbane revealed 1.7% increase. Only Perth reported decline in the second quarter, which fell 0.8%. Remaining the strongest overall market in the country, house prices in Darwin rose 11.2%.

Matthew Bell, Economist for Australian Property Monitors said, "The consolidation that began in the March 2009 quarter has now transformed into strong growth across the country."

Australian house prices rose 3.3% in June quarter, which was the strongest quarterly increase since December 2007, the latest report from the Australian Property Monitors showed Thursday. (Market News Provided by RTTNews)