Australian housing prices have continued to increase, with the latest figures showing a jump of 4.2% during the September quarter, according to the Bureau of Statistics.
The price index for established houses for the weighted average of Australia’s eight capital cities increased by 4.2% during the September quarter, while prices grew on an annual basis of 6.2%.
During the quarter, prices rose in Sydney by 4.3%, Melbourne by 4.7% and Brisbane by 4.4%. Adelaide grew by 1.7%, Perth by 4.5%, Hobart by 1.8%, Darwin by 3.4% and Canberra by 4.3%.
Additionally, the figures show the biggest annual increases were in Darwin at 12.3%, Melbourne at 8.4%, Canberra at 7.8% and Sydney at 5.9%.
Meanwhile, the auction market remained solid over the weekend, despite fewer properties on the market in Melbourne due to Derby Day.
Real Estate Institute of Victoria chief executive Enzo Raimondo said in a statement that demand was “very healthy…and consistent with the past 24 weekends when a clearance rate of 80% or more has been achieved”.
“Auction numbers will increase over the next few weeks following this brief dip in listings due to the Melbourne Cup.”
The city recorded 339 properties on the market, with 278 sold and 58 passed in resulting in a clearance rate of 83%.
Sydney properties were also in demand, with 216 homes sold out of the 287 on the market. A clearance rate of 71% was recorded, with a total of $171 million in sales.
A total of 33 properties were put on the market in Brisbane, with 21 sold moving its clearance rate up to 58%, with sales totaling $14 million. Adelaide recorded a 51% clearance rate, with 18 properties sold out of 35 on the market with $9 million in sales.
Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.
