House prices in Australia have increased again this quarter, marking the longest run of quarterly rises since 2010.
According to propertywire.com, data from the Australian Bureau of Statistics (ABS) reveals that house prices during the September quarter rose by 1.9 per cent on average – up by 7.6 per cent compared to the same period last year.
House prices in Sydney led the way with an increase of 3.6 percent over the quarter; followed by Melbourne (1.9 per cent), Hobart (1.4 per cent) and Brisbane (1.2 per cent).
Robin Ashburn from the ABS said that the rise marks the fourth consecutive quarterly rise; despite the fact the average rise was slightly below the 2.1 per cent prediction, reports smh.com.au.
It is believed that a growing population and increasing demand for houses in the capital cities is pushing up the house prices.
Shane Garratt, senior economist at the Housing Industry Association, argued that unnecessary housebuilding restrictions should be removed in order to encourage the construction of new homes.
It is no coincidence that the strongest price growth is occurring in cities where constraints on new land supply are most severe, like Sydney and Perth,” he stated.
“Nevertheless, the streak of positive price growth over the last 12 months is likely to boost housing renovations activity and the latest house price figures are welcome in this context.”
