REIA Report Sees House Prices Increase
The Real Estate Institute of Australia (REIA) has released the June quarter Real Estate Market Facts report which shows improved performance in the Australian residential property market compared to the previous quarter.
REIA Acting President Pamela Bennett said, “House and other dwelling median prices increased by 1.2% to $541,188 and 0.5% to $430,230 repectively. These are the largest increases recorded since the September quarter of 2010.”
The property market’s improved performance over the June quarter was accompanied by an increase in the value of owner-occupier and investment loans; both recorded a significant recovery compared to the previous quarter, increasing 12.8% and 19.3% respectively.
“There are signs of some slowing in the pace of global economic growth which may pose some challenges to policy makers to maintain stable economic performance. Maintaining cash rates at the current level will provide respite to mortgage holders and stable economic growth”, concluded Ms Bennett.