Tuesday, Apr 21, 2015Tuesday, Apr 21, 2015

Australia home prices up 1.6% in July

Published on Aug 1, 2014 9:24 AM

SYDNEY (Reuters) - Australian home prices rose in July for a second consecutive month led by strong gains in Melbourne, putting paid to recent talk the market was running out of steam and due for a large correction.

Figures from property consultant RPData-Rismark showed dwelling prices in Australia's major cities rose 1.6 per cent in July, from June when they climbed 1.4 per cent.

Prices were 10.2 per cent higher than in July last year, picking up slightly from June's pace of 10.1 per cent.

Melbourne boasted the biggest gains in July, with a 3.7 per cent rise, while home prices in Sydney rose 1.5 per cent. On the year, Sydney was 14.8 per cent higher, followed by an 11.0 per cent increase for Melbourne.

Enjoy 2 weeks of unlimited digital access to The Straits Times. Get your free access now!