House prices rise on average by $30,000

The latest figures reveal by RP Data-Rismark June Hedonic Home Value Index shows values for Brisbane going up by 7% during the past year and 1.3% during June alone.

Brisbane’s median-dwelling are now at $455,000 with the average home value around $31,850 up on last year.

Nationally in the RP Data-Rismark June Hedonic Home Value Index results, property prices have gone up 10.1% in the past year, with Adelaide and Darwin being the only capital cities to experience a drop in values during the past month.

RP Data research director Tim Lawless said Brisbane’s housing market was starting to gather pace with homes in the middle price range doing well across all states.

Tim Lawless said their research could not predict any significant drop in housing values for as long as interest rates remained low with “dwelling values at the most affordable end of the capital city housing markets have moving 8.8% higher during the past year compared with a 10.3% in capital gain across the most expensive suburbs, and 10.6% increase across the mid-range of the capital city markets,’’

The Reserve Bank of Australia (RBA) announced the cash rate would not change, saying the economy was improving but it would be some time before unemployment dropped consistently.

Australia’s cash rate “interest rate” remains at 2.5% where it has been since a quarter of a percentage point cut last August.

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