HOUSE prices in Melbourne, Perth and Canberra rose significantly in the December quarter, according to a report released yesterday by the Real Estate Institute of Australia and Mortgage Choice Australia. Perth prices rose 5.5 per cent to $325,000 in the quarter.
The REIA is still to release its housing figures for Sydney and Brisbane.
"Stable interest rates and improving consumer confidence contributed to increased demand and higher median house prices in most capital cities during the quarter," Mortgage Choice spokesman Warren O'Rourke said.
However, the REIA house price figures are more bullish than Australian Property Monitors statistics published by the Reserve Bank earlier this week.
According to APM, Perth prices rose by 4.6 per cent while Melbourne prices rose a far more modest 1.1 per cent in the quarter.
The researcher said Sydney house prices rose 0.1 per cent in the three months to December but fell 5.1 per cent in the year.
APM research director Louis Christopher said house price growth was typically strongest in the December quarter.
According to the REIA, apartment and townhouse price growth in the period was more subdued than for detached houses.
The Melbourne median apartment price rose 2.3 per cent in the quarter while the median price for Canberra apartments fell 1.9 per cent.
The REIA said first home buyers were returning to the market but still only represented 19 per cent of all buyers.
Canberra house prices rose 5.1 per cent to a median of $328,000 while Melbourne prices jumped 5.6 per cent to $375,000, the report said.
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