Property Values for August have increased by 7.1% according to the Australian Property Monitors (APM).
Melbourne and Sydney were the top performers, where in Sydney median house prices increased by 3.1%, an increase of 9.2% from last year. House prices are at $705,288. Melbourne finished strong with properties sold under the hammer, with an auction clearance rate of 71.4%.
Other capital cities are performing less significantly, with Adelaide’s median price values increasing by a meager 0.2%.
Interest rate cuts are expected from the Reserved Bank of Australia prompting home buyers to take advantage of property demand in key areas.
Read more about this on the Australian Property Investor website.