Dwelling prices surge in June

Reports of the death of the housing market recovery in May seem to have been greatly exaggerated.

In truth, as I noted at the time, plenty of commentators and agents 'at the coalface' suggested that prices had not eased in May, it was likely a blip in the data, which has now reversed in June.

RP Data's index for June shows dwelling prices up an exceptionally strong 1.7% for the month to date.

Prices in Sydney seem to have gone bananas, up more than 2.5% in the last 19 days to a new record high of $664,290 - although I suspect the likelihood is that prices have rather been on a reasonable uptrend for a year (rather than the oscillating results implied through charting daily prices).

Source: RP Data

In the last 12 months prices are up in all major capital cities, although prices in Adelaide have been essentially flat. The strongest capital city markets have been Perth (+7.26%) and Sydney (+5.22%), with Melbourne also recording solid gains (+3.26%).

Source: RP Data

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