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House prices rising at record rate in Australia

span lang="EN-US">Australian house prices are rising at their fastest rate in more than 17 years. Prices increased a further 1.6% across the nation in July, making for a 16.1% increase over the past year, according to property research firm CoreLogic.

span lang="EN-US">The annual rise in national house prices is the fastest pace of annual growth since February 2004. CoreLogic research director Tim Lawless said the monthly growth rate had been trending lower since March this year, when the national index rose 2.8%.

span lang="EN-US">Australia's most expensive capital city, Sydney, recorded the sharpest reduction across capital cities, with the monthly capital gain falling from 3.7% in March to 2% in July. However, the annual growth rate in Sydney was still 18.2%.

span lang="EN-US">In Melbourne, house prices lifted 1.3% in July, to be 10.4% higher over the year. Brisbane prices rose 2% in July to be 15.9% higher over the past 12 months. Darwin recorded the highest annual growth rate of 23.4%.

span lang="EN-US">Nationally, houses continued to record much stronger growth in values relative to apartments. National house values are up 18.4% over the 12 months to July, while apartment values have risen by less than half this amount, up 8.7%.

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