 Prices show strength
House prices have confirmed strong growth, with the June quarter recording a 3.3 per cent jump in property prices.
Affordability also improved for some buyers, due to the boost to the first-home buyers grant.
Australian Property Monitors' Quarterly Housing Data report, released data to show that Brisbane and Perth were the only two capital cities with both house and unit median prices at less than June 2008 levels. "The consolidation that began in the March 2009 quarter has now transformed into strong growth across the country," APM economist Matthew Bell said.
Sydney boasts one of the biggest gains, with the median price rising 3.7 per cent for the quarter.
Melbourne was next for the biggest rise in median house price, up 5.8 per cent in the June quarter.
This news comes as RP Data shows that some suburbs are now actually cheaper to buy than rent. The number of suburbs where this is the case has risen 27 per cent in the last six months.
Property prices in Australia have weathered the financial crisis better than other developed nations such as the US or Britain where house prices have fallen considerably.
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