Housing prices increased almost 2 percent in January 2010

Australia housing prices increased 1.8 per cent in January, according to RP Data, taking them 11.8 per cent higher in 12 months.

“What makes me angry is that my father was able to buy a three bedroom house in Williamstown and support a family (my mother didn’t work) on the average income of a school teacher,” said Melbourne-based Justin O’Farrell. “I have no hope of doing the same.”

Home prices in Melbourne rose 4.3 per cent in the three months to January to a median price of $455,000 in January, while in Sydney they nudged up 1.7 per cent to $494,500, RP Data said.

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