Housing markets healthy, despite credit crunch
Wednesday, October 3, 2007/
Housing prices are growing at a healthy pace this year in all capital cities, despite the string of interest rate rises and the US sub-prime induced credit crunch.
New figures from researchers RP Data and Rismark International show median house and unit prices are up nearly 10% this year.
- Sydney: up 4.1% to median $504,934.
- Melbourne: up 11.36% to median $386,604.
- Brisbane: up 17.18% to median $400,004.
- Adelaide: up 17.21% to median $348,850.
- Perth: up 7.99% to median $496,722.
- Darwin: up 16% to median $354,717.
- Canberra: up 11.81% to median $433,599.
- Australia: up 9.21% to median $437,234.
The Perth housing boom is deflating though, with price growth of only 2% in the last quarter. Researcher Tim Lawless told The Australian newspaper that the Australian market was pretty much bullet proof, with four interest rate rises since the beginning of last year and the credit crunch barely having an impact.