Australia's high house prices not a 'crisis', says RBA
Price growth in almost all capital cities in the three months to June has helped the median Australian house price soar almost 11 per cent in the past year.
But RBA board member John Edwards has tried to cool fears that the property market is becoming overheated, saying the rapid rise won't continue indefinitely.
The RBA has kept interest rates on hold. Australia's economy grew at its slowest pace in more than a year in the June quarter after a sharp fall in exports and weak business investment in the June quarter.