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SYDNEY (REUTERS) - Australian house prices have risen for the 10th straight quarter led by another outsized gain in Sydney, adding to concerns about an overheating market and diminishing affordability in the city.
Tuesday's data from the Australian Bureau of Statistics showed prices across all the major cities rose 1.6 per cent in the three months to March, lifting annual growth to 6.9 pe rcent.
The heat was again very much concentrated in Sydney where prices were up over 13 per cent on the year, and that was before the Reserve Bank of Australia (RBA) cut interest rates to a new low of 2 per cent in May.
More timely data from the housing industry had hinted at a cooling down over the last month or so, partly due to the onset of winter. Yet the latest survey from property consultant CoreLogic RP Data found a sudden rebound last week.
Tuesday's data from the Australian Bureau of Statistics showed prices across all the major cities rose 1.6 per cent in the three months to March, lifting annual growth to 6.9 pe rcent.
The heat was again very much concentrated in Sydney where prices were up over 13 per cent on the year, and that was before the Reserve Bank of Australia (RBA) cut interest rates to a new low of 2 per cent in May.
More timely data from the housing industry had hinted at a cooling down over the last month or so, partly due to the onset of winter. Yet the latest survey from property consultant CoreLogic RP Data found a sudden rebound last week.
