Capitals race ahead in the house price stakes THE housing market has recorded its best result in more than three years, with most cities at or near record price highs in the June quarter, the latest Australian Property Moniters data shows. National house prices rose over the quarter by 2.8 per cent to a median of $564,325 - the third consecutive quarterly rise and a level of growth not seen since March 2010. APM's quarterly housing report showed Sydney, Perth and Canberra all posted record-high median house prices, with Melbourne just 1.4 per cent below its previous price peak. Unit prices also rose, up 2 per cent nationally to a median of $427,573. Andrew Wilson, APM senior economist, said buyer activity would accelerate through the rest of the year, with market momentum and prices rising. "Buyer activity in most capital city markets is now charging towards record levels, with the fastest price growth since the government-stimulated house boom of 2009 and 2010," Dr Wilson said. The patchiness that has characterised market activity over 2012 is diminishing. Dr Wilson said that the performance was propelled by investors who were attracted by low interest rates, rising confidence and a generally solid economic performance. Melbourne recorded the strongest growth result, with median house prices increasing by 5 per cent to $553,447 and median unit prices up 3.7 per cent to $411,714. Perth continued to surge, with house prices up by 3.2 per cent to $584,487 and units up 2.5 per cent to $386,798 over the quarter. Perth has been the best-performing market over the year, with house prices up 7.5 per cent and units up 9.3 per cent. "High levels of immigration and a still strong local economy continues to be the local catalyst for house price in Perth," Dr Wilson said. Sydney median house prices increased over June by 2.7 per cent to $690,064, with median unit prices rising by 2.4 per cent $491,845 - both all-time highs. Houses in Brisbane (up 0.3 per cent), Canberra (up 1.8 per cent) and Adelaide (up 0.8 per cent) grew more steadily over the quarter, although unit prices in Brisbane were down 2.4 per cent to $346,964. Darwin (-2.1 per cent) and Hobart (0 per cent) were the only capital cities to not record house price growth over the June quarter. Units in Hobart decreased in value by 7.3 per cent, to $252,050.