The Sydney housing market breathed a sigh of relief with new data showing that The value of the city’s typical home rose 3.7 per cent after five quarters in a row of flat prices .
THE upper north shore was Sydney’s strongest performing district during the June quarter, with house prices rising 8.9 per cent to a $620,000 median.The increase was more than double the overall Sydney rise of 3.7 per cent to $547,200, in what was the first quarter of growth since the global financial crisis struck in late 2007.
According to Australian Property Monitors The property figures come after comments on Tuesday by the Reserve Bank governor, Glenn Stevens, that surging housing demand must be ‘‘translated into more dwellings, not just higher prices’’, which some economists saw as a warning of the next housing bubble. Governor Stevens on July 28 also warned of the “elevated risks” of a run-up in house prices fed by government handouts and the lowest borrowing costs in half a century.
Investors in Australia government bonds maturing in one to three years lost 0.5 percent since Dec. 31, as the securities head for their first annual loss since at least 1986, Merrill Lynch & Co. indexes show. The yield on Australia’s note due June 2011 climbed to its highest since November after Steven’s speech. Australian two-year yields are at least 2.9 percentage points greater than those for the U.S., Japan and the European Union.
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