SYDNEY—Prices for Australian residential properties in the major cities climbed a record 6.7 percent 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 percent jump in Canberra and an 8.1 percent rise in Sydney, while Melbourne grew 6.1 percent.
Prices were up a steep 16.8 percent 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.
