House and unit prices recovering

The median house price has climbed in every capital city except Perth since January and is now $468,819 nationally, just $520 less than the peak of the market in February 2008 according to figures from RP Data.

”In the five months to May 2009, we can officially say the market has recovered,” said Tim Lawless, head of research at RP Data.

Unit prices were up 4.5 per cent and house prices were up 3.7 per cent in the first five months of 2009.

Melbourne prices are leading the recovery with house prices growing 6.1 per cent and units up 4.5 per cent so far in 2009.

Sydney house prices were up 5.1 per cent and units are up 5.4 per cent.

Source: The Australian Financial Review