House prices boomed in 2007

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The booming house prices enjoyed by home owners in 2007 are unlikely to be matched in 2008, predicts property research house Australian Property Monitors.

Raising interest rates and a slowing economy would translate to lower price growth, especially in the markets that experience huge growth, including Melbourne, Brisbane and Adelaide.

Melbourne house prices grew more than 25% in 2007, with the median house price rising to $463,488 for the December quarter. If growth in Melbourne continues at the same pace, it would surpass Sydney as the most expensive city in the country.

By comparison, Sydney house prices increased 5%.

Median December quarter house prices

Melbourne $463,488, up 25.2% over 12 months.
Brisbane $425,368, up 20.1% over 12 months.
Adelaide $400,659, up 20% over 12 months.
Canberra $506,570, up 14.6% over 12 months.
Hobart $280,853, up 11.3% over 12 months.
Darwin $443,917 up 5.3% over 12 months.
Sydney $553,357, up 4.8% over 12 months.
Perth $508,776, up 1.7% over 12 months.



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