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House prices rise slightly in Q1

ABS statistics show that Australian property prices rose in the first quarter.
Australian property prices across the country’s capital cities rose marginally during the first quarter of 2013.
According to the House Prices Index from the Australian Bureau of Statistics (ABS), property prices rose by 0.1 per cent overall during this time.

Darwin saw the highest rise in property prices by 1.9 per cent, with Perth, Melbourne and Canberra also seeing prices rises.

Meanwhile, there was no movement in property price in Sydney and Brisbane, while Hobart and Adelaide saw falls in median house prices.

Nevertheless, the property market has been popular in Sydney. The city’s weekly auctions have seen consistent clearance rates of above 70 per cent, with any rates below only dipping by a few per cent.

Property prices overall in Australia have been rising over many months, according to results from both ABS and from the RP Data Rismark Home Value Index.  This has led to economists saying that Australia’s housing market is in a recovery, yet others are saying that this will not last for much longer.


Posted by Steve Douglas

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