House Prices Rise For Sixth Consecutive Month

Australia’s housing market continues its recovery, with the average dwelling price rising again for the sixth consecutive month.

According to CoreLogic’s national home value index, house prices rose 0.8 per cent in August, marking a 4.9 per cent total rise since February.

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It means about $34,000 has been added to the average dwelling.

While August’s figure is slightly higher than July’s 0.7 per cent rise, it’s behind the 1.2 per cent and 1.1 per cent recorded in May and June.

In August, every capital city recorded a price rise, except for Hobart which saw a -0.1 per cent drop.

Brisbane recorded the biggest rise, 1.5 per cent, while Sydney and Adelaide home values rose by 1.1 per cent.

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“Sydney has led the recovery trend to-date with a gain of 8.8 per cent since values found a floor in January this year,” CoreLogic research director Tim Lawless said.

“Brisbane has also posted a strong recovery with values up 6.2 per cent since bottoming out in February.

“At the other end of the scale, some other capital cities are better described as flat, with Hobart home values unchanged since stabilising in April, while values across the ACT have risen only mildly, up one per cent since a trough in April.”

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