Housing prices still rising
New preliminary data from Residex for the September quarter show that east coast housing prices are still booming. Melbourne is leading the table, with quarterly growth of 15.34 per cent, and Brisbane's unit market has also soared, with median prices increasing 9.9 per cent. In Sydney, median house prices grew 8.1 per cent over the quarter, with median apartment prices rising 3.49 per cent.
Residex's CEO John Edwards warned against reading too much into the figures for units, particularly in Brisbane, as there's been a flood of new developments which have inflated the prices. Though the Residex data show that the housing boom hasn't yet slowed, Mr Edwards said they reflect a market that has just passed its peak or is approaching it. He discounted talk of a “bust”, instead saying the housing market is headed for a “soft landing”.