Home prices keep rising in most Australian capital cities

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Private data showed house prices continue to rise in most Australian capital cities, making home buyers harder to enter the market, local media reported Thursday

The latest RP Data-Rismark Home Value Index showed capital city dwelling values grew 1.6 percent in July, after a 1.9 percent rise in June.

Home values in Sydney rose 2 percent in July and 6.5 percent in the past 12 months.

Canberra enjoyed the best gain, with a 2.5 percent rise in home values in July.

In Perth, home prices were up 1.6 percent in July and 8.3 percent in the year.

Adelaide is the only city to record a fall, down 1.5 percent in July.

Australian property information and analytics provider RP Data research director Tim Lawless said the recent housing market correction which bottomed in May 2012, along with mortgage rates at historically low levels, delivered substantial affordability improvements for Australian housing.

"However, with Sydney, Perth and Canberra values now back at record high levels and some other capital cities not far off their previous peaks, there are likely to be a growing number of households who find it challenging to enter the housing market," he said. Endi

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