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Sydney house prices surge again amid other rises across Australia: report

Xinhua, September 22, 2015 Adjust font size:

Sydney house prices have leapt by 21.5 percent in the past year as the market defies predictions of a bubble burst.

The latest figures were released by the Australian Bureau of Statistic (ABS) on Tuesday.

Sydney's House Price Index (HPI) for the June quarter rose 9.8 percent, its largest quarterly increase since the ABS started releasing the data in 2002.

Sydney's Residential Property Price Index (RPPI) - which includes houses and apartments - was up 8.9 percent in the quarter and 18.9 percent in the year to June.

Melbourne house prices rose 4.7 percent in the June quarter -- the city's biggest quarterly gain since early 2010 -- while over the year house prices were up 9.2 percent.

Melbourne real estate prices rose 4.2 percent when houses and apartments were combined in the quarter, and 7.8 percent over the year.

In Perth and Darwin residential property prices dipped for the second consecutive quarter.

Perth's RPPI fell 0.9 percent in the June quarter, following a 0.1 percent drop in the March quarter.

Over the year to June Perth's property prices were down 1.2 percent.

Darwin's property prices fell by 0.8 percent in the quarter and are down 1.8 percent over the year.

Across the eight capital cities the RPPI rose on average 4.7 percent for the quarter -- up from the 1.6 percent rise in the March quarter -- for a 9.8 percent gain over the year.

In Brisbane the ABS reported property was up 0.9 percent for the quarter (2.9 percent across the year), just ahead of Canberra' s rise of 0.8 percent -- 2.8 percent in the year-- and Adelaide's 0.5 percent, 2.7 percent over the year.

Hobart's market was flat for the quarter but up 1.5 percent over the year. End