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http://au.biz.yahoo.com/071024/30/1gdv1.html
House prices rise amid higher wages
Wednesday October 24, 2007, 3:16 pm
Happy homebuyers are shrugging off higher interest rates and paying more for housing as they seemingly frolic in the country's strong economy.
But high employment and better wages have been unable to counter the effects of rate rises in Sydney. Unaffordable housing continues to drive prices lower in the harbour city, an annual report by mortgage insurer PMI Mortgage Insurance and forecaster BIS Shrapnel found.
House prices grew at a faster pace in five capital cities in the June quarter of 2007 compared with the previous year. Melbourne topped the list with a 13.2 per cent rise to $420,000.
In Canberra, prices climbed by 12.6 per cent to $428,000, while in Brisbane the cost of a home was up 12.4 per cent to $366,300.
Prices increased by 11.9 per cent in Hobart to $310,00 and eight per cent in Adelaide to $310,000.
House prices also rose in Perth up 11.6 per cent to $446,500 and were up 12.9 per cent to $395,000 in Darwin.
Sydney was the only capital city that posted a decline during the period, with the struggling city showing its third straight year of falling house prices.
The median house price in Sydney fell by 0.2 per cent to $525,500.
BIS Shrapnel managing director Rob Mellor said strong economic conditions in 2007/08 would keep house price growth solid in most capital city residential markets.
"The favourable economic conditions have created strong wage growth and record levels of net overseas migration, which should drive stronger underlying demand at the national level, while keeping unemployment at long term low levels," he said.
Unemployment fell to a 33-year low of 4.2 per cent in September, while total hourly rates of pay, excluding bonuses, rose a firm 1.1 per cent in the June quarter, Australian Bureau of Statistics figures show.
But the rate of house price growth is likely to slow. The August interest rate rise, which pushed rates up to 6.5 per cent, and forecasts for a further rate hike in the coming months is expected to place further pressure on housing affordability.
For the moment, homebuyers in most cities appear to have shrugged off interest rate rises.
PMI Australia chief executive Ian Graham said the rise in house prices coincided with a pick-up in first home buyer and investor activity.
"Nationally, the number of first home buyers entering the residential market continued to increase over 2006/07, enticed by expanding first home buyer benefits," Mr Graham said.
"Investors have also returned to the market in greater numbers in 2006/07, as tight vacancy rates accelerated rental growth.
"Nevertheless, investor activity overall remains below previous peaks and performance." |
发表于 24-10-2007 17:03:39
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