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Australian residential property prices grew by a stunning 12.34 per cent over the last year in spite of spiralling housing affordability and the impact of the US sub-prime crisis.
The latest figures revealed in the RP Data-Rismark Property Index conclude that despite rising funding costs, Australians are seemingly yet to be deterred from buying property.
Adelaide remains the best performing housing market with an overall increase of 24.3 per cent in property values in the 12 months to September 30. Elsewhere, Brisbane increased by 20.0 per cent followed by Melbourne 17.6 per cent, Darwin 15.0 per cent, Canberra 14.9 per cent with Sydney at 6.9 per cent.
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