Australia property prices soar 20%

Residential property prices in Australia have increased by almost 20 per cent in the past 12 months, according to latest figures from the nation's Bureau of Statistics.

Quarterly growth to June stood at 3.1 per cent, while annually the increase reached 18.4 per cent.

Property investors may be interested to hear that Melbourne saw the most significant growth over the 12 months, at 24 per cent, followed by Sydney, Canberra and Darwin, reports Property Wire.

However, a slowdown is expected in the coming months, with the RP Data Index showing that average house prices had fallen slightly after 17 months of consecutive gains.

Last month, A Place in the Sun reported that property prices in some parts of Australia may be close to peaking and as such are likely to start falling soon.

It added that downward pressure will be placed on the market due to an increased number of properties becoming available for purchase.
 

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