Australian Property Market Boom

On average houses in Australia have shot up in the last three months alone by 5.2% throughout the eight major cities. Melbourne, traditionally one of the cheaper cities to buy property, saw the biggest increase – a whopping 6.8% rise whilst Sydney lagged behind with a 5% increase in its house prices. Adelaide saw the lowest rise at 2.1%.

The yearly increase for homes across Australia is now at around 13.6%, way ahead of initial estimates that put the yearly rise at 11%. For 2009 Melbourne saw house prices shoot up by almost 20%.