Housing prices power ahead in June half 04 September 2007 4:34PM John Phillips The latest property prices index from RP Data and Rismark - constructed using the pair's hedonic method that allows for the characteristics of different dwellings - shows a 6.6 per cent increase in the value of Australian residential property for the first six months of 2007. Property prices increased 8.6 per cent in the year to June.In the six months to June house prices increased six per cent while the price of flats increased 8.5 per cent.RP Data estimated the median value of an Australian dwelling increased to $432,000. The median house price in Australia is now $459,000 while the median unit price is $365,000.