The price of established homes has risen in most cities across Australia, but the rate of growth is slowing down, according to the latest figures from the Australian Bureau of Statistics (ABS).
This week's official numbers show that established house prices rose by 2.2 per cent across Australia in the December 2006 quarter to an average annual growth rate of 8.3 per cent. This is slower than the 9.5 per cent annual pace of the previous quarter.
Growth in new home (minus land) prices was more subdued, up by 0.6 per cent over the December quarter, and 2.4 per cent annually - less than the rate of inflation.
In Canberra, the established house price index rose by 1.7 per cent over the quarter to an annual growth rate of 9.2 per cent. New home prices (minus land) rose by 0.7 per cent over the quarter to be 3.2 per cent higher over the 12 months to December 2006.
In Sydney the established house price index was down slightly, 1.0 per cent lower over the December quarter, and remained flat over the 12 months to December 2006. New home prices (minus land) fell marginally, by 0.3 per cent over the quarter and were flat over the 12 months to December 2006.
Established house prices in Melbourne were up by 1.5 per cent over the December 2006 quarter, and 8.1 per cent annually. New home prices (minus land) were up by 1.5 over the quarter but down 0.5 per cent annually.
Brisbane's established house price index rose 3.0 per cent in the December quarter and 7.1 per cent annually. New home prices (minus land) were also up, rising 0.6 per cent in the December quarter and 2.2 per cent annually.
Adelaide's established house price index rose 2.6 per cent over the December quarter, and 6.4 per cent annually. The new home (minus land) index remained flat over the quarter, but had 2.1 per cent growth annually.
In Perth the established house price was up by 1.7 per cent over the December 2006 quarter, and a signficiant 36.9 per cent over the year. New home prices (minus land) are up by 0.9 per cent over the quarter, and 12.1 per cent annually.
Hobart's established house price index rose by a marginal 0.2 per cent over the quarter, and is up 7.1 per cent when compared to the December 2005 quarter. The new house price (minus land) index was flat over the quarter, and 3.2 per cent higher annually.
Established house prices in Darwin rose by 3.0 per cent over the December quarter, and are 17.6 per cent higher in an annual sense. New home (minus land) prices are up by 4.2 per cent over the quarter, and 15.8 per cent over the year to December 2006.
