House prices booming after RBA cash rate cuts, says Christopher Joye: Tweet of the day

Australian houses prices are booming following recent RBA cash rate cuts, Rismark economist and Australian Financial Review columnist Christopher Joye has noted today.

The chart has RP Data tracking house prices to September 26.

It shows that Sydney dwelling prices are up a "stunning" 3.4% since June 1 while Australia-wide dwelling prices have surged 2.7% in the last four months.

"But the biggest winner is Melbourne," says Joye on his Aussie Macro Moments blog. "Melbourne dwelling prices are up an amazing 3.8% since 1 June. And, yes, I am afraid Steve Keen got it wrong again: Aussie house prices have officially risen in 2012!"