Economy

House prices rise 5.3% for the year; Private sector housing approvals on the up: Midday Roundup

Patrick Stafford /

Australian capital city house prices have jumped more than 5% in the past year, according to new findings from RP Data-Rismark.

Sydney and Perth have seen house prices lift the most, up 7% and 9% respectively.

Across Australia’s eight states and territories, home values have increased 5.3% in the last 12 months.

In Hobart it was a different story, as home values defied the nationwide trend, dropping 1.1% for the year.

These results are just the latest to show the strength of the current property market.

Auctions clearance rate figures in Sydney and Melbourne have been tracking well since March, with Sydney clearance rates hitting 84% over the weekend, according to Australian Property Monitors.

Private sector housing approvals on the up

Private sector housing approvals increased 3.9% in seasonally adjusted terms in July, driving a 10.8% increase in the number of dwelling units approved, according to new figures.

The latest building approvals figures from the Australian Bureau of Statistics show private sector houses have risen in trend terms for the eighth consecutive month, with Western Australia, South Australia and Queensland having the highest number of approvals.

Despite the increase in private sector housing approvals, the trend value for the total building approvals slipped 1.1% in July, marking the third consecutive month of decline.

Shares higher in last days before election

The Australian sharemarket has recorded a boost today in the days leading up to the election, with investors waiting on a series of important economic statistics.

The benchmark S&P/ASX200 index was up 42.8 points or 0.8% to 5177.8 at 12.00 AEST. Last week in the United States, the Dow Jones Industrial Average fell 30 points or 0.2% to 14810.3.

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Patrick Stafford

Patrick Stafford is a freelance journalist and a former deputy editor of SmartCompany.

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