What's considered to be an early Christmas from the Reserve Bank of Australia, official interest rates have been cut by one quarter of a per cent to 3.25 per cent, the lowest in three years.
It comes as RP Data reports that September saw a 1.4 per cent rise in home prices which is the highest jump since 2010.
High prices in cities like Darwin, Sydney and Melbourne have driven the growth in prices, with the median house price growing to $450,000, much higher than Hobart which is the most affordable capital city at $298,000.
Large price falls in Darwin of nearly four per cent saw some relief for those in the Northern Territory capital who are looking to enter the property market, possibly for the first time.
The research director from RP Data Tim Lawless said that these interest rate cuts, especially the 0.5 per cent cut in May saw conditions in the real estate market pick up from then.
"A further cut of 25 basis points in June and the anticipation of further rate cuts in the pipeline appear to have instilled renewed confidence in the housing market which has driven the growth in home values," he said.
