House prices surge in capital cities

House prices in capital cities across the country jumped up in the three months to June, according to the latest ABS figures.

Price rises occurred in all capital cities with Sydney and Melbourne leading the charge, experiencing a 4.9 percent and 5.2 percent rise respectively. All other capital cities saw house prices rise in the June quarter, with Darwin showing the weakest growth of 2.4 percent.

According to MP Capital Investors chief economist Shane Oliver, the rebound in house prices could be explained by a slower than expected deterioration in the labour market and a more resilient economy.

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