Australian home prices jump record 6.7% in Q2

Prices for Australian residential properties in the major cities climbed a record 6.7% in the June quarter versus the previous quarter amid super-low borrowing costs and strong demand for work-at-home property.

Data out on Tuesday from the Australian Bureau of Statistics showed gains across the country, led by an 8.2% jump in Canberra and an 8.1% rise in Sydney, while Melbourne grew 6.1%.

Prices were up a steep 16.8% on the same quarter of last year. The total value of Australia’s 10.7 million residential dwellings rose by a record A$596.4 billion ($439.37 billion) in the June quarter, to stand at A$8.9 trillion.