House prices skyrocket
The Australian Bureau of Statistics' House Price Index shows that prices in capital cities have posted their biggest annual gains in almost 13 years. The quarterly index for June showed an average rise of 4.9 per cent, and the index for the year to June showed an 18.9 per cent increase. This was the largest annual rise reported since the September 1989 quarter.
For the June quarter, Melbourne recorded the largest increase (7.7 per cent), followed by Brisbane and Sydney (4.2 per cent), then Adelaide (4.1 per cent), Perth (2.8 per cent), Canberra (2.4 per cent), Hobart (2.0 per cent) and Darwin (0.5 per cent).
This brought the annual rises in Sydney to 21.7 per cent, Brisbane, 21.3 per cent, Melbourne, 19 per cent, Adelaide, 17 per cent, Canberra, 16.7 per cent, Perth, 10.8 per cent, Hobart, 7.3 per cent and Darwin 3.2 per cent.
Australian Financial Review, 6/9/02, p6.