| House prices rise in Australia |
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Prices of established houses in all Australia's capital cities have increased more than ten per cent over the past year, according to figures released this week by the Australian Bureau of Statistics (ABS). Melbourne and Adelaide recorded the highest increases, while the high-flying Perth market slowed right back. The Bureau's preliminary estimates show the price index for established houses for the weighted average of the eight capital cities increased 1.1 per cent in the March quarter 2008. The capital city indexes rose in Melbourne (up by 4.1 per cent), Brisbane (up 2.8 per cent), Adelaide (2.1 per cent) and Canberra (up by just 1.0 per cent). These rises were balanced by falls in Sydney (down by 1.5 per cent), Darwin (down 1.3 per cent), Hobart (0.7 per cent) and Perth (0.6 per cent). Over the year to March quarter 2008, preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities rose 13.8 per cent. Annually, the capital city indexes all rose, particularly in Melbourne (up 25.9 per cent), Adelaide (a rise of 21.6 per cent) and Brisbane (up 20.8 per cent). Canberra recorded a rise of 14.4 per cent, Hobart 8.2 per cent, Sydney 7.1 per cent, Darwin 4.9 per cent and Perth 0.6 per cent. |
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