House prices are still going up according to the latest RP Data-Rismark Home Value Index results for March. For the first quarter of the year, house prices were 3.5% higher with an annual increase of 10.6%. Capital city prices are also up by 2.3% for the month of March.
The strong growth in house prices are attributed to the staggering increase in home values for Sydney and Melbourne, with an increase over the year of 15.6% and 11.6% respectively. All other capital cities recorded an annual growth less than 5%.
The rise in house prices also coincide with an increase in dwelling construction approvals. Over the year, approvals have increased by 23.2%.
Read more about this on the Broker News website.