Australian third-quarter home prices hit record

In the 3^rd quarter from a year earlier, a gauge of prices in the 8 regional capitals increased by 6.2% and 4.2% above the previous quarter, stated the Statistic Bureau on Monday.

With the rise, it takes the index 2.6% above its previous peak, recorded in the first quarter of 2008. At the end of the 3^rd quarter, the weighted-average index of home prices stood a record 134.4.

Based on reports, analysts predicted a 4.3% rise in September from a year earlier while a 2.75% was expected for the quarter rise.

Amongst the 8 cities tracked in index, Darwin stood at the top in terms of on-year gains, rising 12.3%, Melbourne came following with an 8.4% rise whereas at 7.8% came Canberra. Home prices in Sydney experienced a rise of 5.9% on year.

The Australian government believes that one of the reasons for the rapid price gains is because of a shortage of available homes. also, the nation economy's resilient nature with its population growth which avoided the recession triggered by the global economic maelstrom, attracted a constant flow of immigrants seeking for jobs.

Also, the Australian government foresees that by 2050, its population will grow by 60%, meaning a rise from roughly 22 million (currently) to more than 35 million.