Australian home prices jump record 6.7% in Q2

[SYDNEY] Prices for Australian residential properties in the major cities climbed a record 6.7 per cent in the June quarter versus the previous quarter amid super-low borrowing costs and strong demand for work-at-home property.

Data out on Tuesday from the Australian Bureau of Statistics showed gains across the country, led by an 8.2 per cent jump in Canberra and an 8.1 per cent rise in Sydney, while Melbourne grew 6.1 per cent.

Prices were up a steep 16.8 per cent on the same quarter of last year. The total value of Australia's 10.7 million residential dwellings rose by a record A$596.4 billion (S$589.6 billion) in the June quarter, to stand at A$8.9 trillion.

REUTERS