Australia home prices jump 2.3% in March

[SYDNEY] Home prices across Australia's major cities jumped by 2.3 per cent in March while gains became more broad-based, a strong result that will fan concerns that speculative buying is running too hot for policymakers' comfort.

Figures from property consultant RP Data-Rismark showed that overall dwelling prices were up 10.6 per cent, compared to March last year, led by 15.6 per cent growth in Sydney.

The gains were also broader with every major city recording a monthly increase in March. Over the whole first quarter, Melbourne boasted an increase of 5.4 per cent, while Sydney added 4.4 per cent and Brisbane 1.5 per cent.