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Good news for home owners as Sydney house prices make up ground
The June 2009 quarter House Price Index shows the average for established house prices for the eight capital cities rose by 4.2% over the June quarter.
Sydney recorded an increase of 4.9% over the same period.
Yet despite the increase, the Sydney House Price Index for the year to June 2009 remains down 0.9%.
Nationally the House Price Index is down 1.4% over the same period.
“Today’s release from the Australian Bureau of Statistics provides some good news for Sydney house owners,” said REINSW President Steve Martin.
“It is clear that nationally prices are starting to increase which is a reversal of the downward trend seen over recent quarters of the Index.
“What is even more encouraging is that Sydney has exceeded the national increase by 0.7%.
“In fact Sydney recorded the second highest increase nationally after Melbourne.
“Whilst the year on year results still show a nearly one percent decrease in prices, the upward direction recorded in the last quarter is good news for the market and for home owners,” said Mr Martin.
Please direct media inquiries to Julian Brophy on 0408 276 749.
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