House prices in Australia continue to increase

House prices have grown at their fastest pace on record according to the Australian Bureau of Statistics.

The Victorian Homebuyer Fund is a shared equity scheme, meaning that the State’s financial contribution is made in exchange for a share, or some interest. Source: AAP

Highlights

• The average price for a residential dwelling is now at almost $836,000.
• Reserve Bank Governor Phillip Lowe said he won't lift the cash rate to ease pricing pressure.
• Russia, Germany, the United States and Canada are among the countries registering double digit growth

There are 10.7 million homes for sale in Australia and they're becoming more expensive.

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