Australian House Prices Climb To Record Heights

Home values in Australia’s capital cities for September exceeded the record levels reached during the 2010 property boom, according to RP Data Rismark.

The surge in housing prices is led by Sydney and Melbourne, with Sydney reporting gains of 2.5% and 5.2% over the September quarter.

Melbourne property prices grew by 2.4% in September and 5% for the quarter.

RP Data research director Tim Lawless reported to Fairfax Media that current record sales levels were almost unprecedented since 2010, with such strong market conditions evident for the first time since April 2009 and May 2010.

Lawless claimed that the robust gains in the Sydney property market were indicative of a “technical” recovery, after a weak long-term cycle, which expects to factor in a gain of 10% for the first nine months of the year.

Sydney property values have only risen by 2.5% annually over the past ten years. In many ways the market is now playing catch up, he said.