Australian property market hits $6 trillion

The property bubble continues with CoreLogic RP Data releasing figures showing that in the six months to July, the housing market surged by half a trillion dollars and now sits at $6 trillion.

And despite the Australian Prudential Regulation Authority trying to put a lid on bank lending to property investors, the growth was driven by property sales in Melbourne and Sydney.

In Sydney, property values rose 3.3 per cent for the month, delivering an 18.4 per cent rise for the year. In Melbourne, there was a 4.9 per cent increase, and property values were up 6.1 per cent for the three months, making it the best performing capital city.

Sydney was the most expensive city with a median dwelling price of $790,000.

All up, the value of Australian houses across capital cities rose 2.8 per cent for July and 11.1 per cent over the last year.

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About the author: TPI Editor

Kizzi Nkwocha is the editor of The Property Investor and publisher of The Sussex Newspaper, My Well-Being Magazine, My Making Money Magazine and My Entrepreneur Magazine. Kizzi Nkwocha made his mark in the UK as a publicist, journalist and social media pioneer. As a widely respected and successful media consultant he has represented a diverse range of clients including the King of Uganda, and Amnesty International. Nkwocha has also become a well-known personality on both radio and television. He has been the focus of a Channel 4 documentary on publicity and has hosted his own talk show, London Line, on Sky TV. He has also produced and presented both radio and TV shows in Cyprus and Spain. Nkwocha has published a number of books on running your own business and in 2011 his team won the Specialized Information Publishing Association (SIPA) award for best use of social media. In the UK he runs a successful media consultancy called PRHQ which manages PR for businesses and individuals.

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