House prices in Australia have seen a sharp 3.7% growth in the three months up-to September, revealed the figures made public by the Australian Property Monitors (APM) study. In the study, Melbourne showed the highest growth with a 6.1% rise in prices of median homes. The capital Canberra showed a median house prices jump of 4.8%, while Sydney and Adelaide were up 3.6% and 3.3% respectively.

The reported figures have revealed the biggest surge in Australian house prices in the past 6 years, especially for the median homes group. On a national level, total 7.1% rise in prices was reported.

APM Economist Matthew Bell shared, "The extraordinary recovery at the upper end of the market experienced in June in most major capitals has now spread to the rest of the country. Another quarter of improving employment results and the share market rising by 20 per cent has meant that buyers are stepping into the oversold top end of the market to purchase properties at prices still below their late 2007 highs".

According to leading economists, the steep growth is most likely to be a direct result of people's high interest in the luxury end of the housing sector. Figures are expected to rise in the coming times as markets are showing signs of steadily recovering from the recession hurt.