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House prices rise 20% in a year

The threat of rising interest rates (and an actual increase from Westpac Bank) failed to take any of the steam out of the housing market in November when the national median house price hit yet another record, although the number of sales dipped slightly to a still high level.

Thursday, December 18th 2003

The national median house price rose from $227,000 in October to $235,000 which was a massive 20.5% higher than the $195,000 median price in November last year.

Real Estate Institute president Graeme Woodley doesn't think rising rates will affect the market much while immigration and a housing shortage in some places continue to support prices.

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