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NAB saw house price increase in Q1

NAB said that house prices rose everywhere in Australia except for Queensland during the first quarter of 2013.
<p $$hash="8300-0"><span $$hash="8299-0">Australian property prices increased by 0.4 per cent across the country in the first quarter of 2013, according to the National Australia Bank (NAB).

<p $$hash="8293-0"><span $$hash="8292-0">It says that the only area where house prices did not rise was in Queensland, where they fell by 0.4 per cent.

<p $$hash="8297-0"><span $$hash="8298-0">House prices are expected to rise by 3.6 per cent over the next two years, with Western Australia seeing the highest growth of 5.4 per cent, followed by Victoria with 3.8 per cent.

<p $$hash="8295-0"><span $$hash="8296-0">Economists have been positive about the ongoing rise of property prices. At the Bloomberg Australian Economic Summit, Bill Evans of Westpac predicted that house prices will continue to rise in line with the increases in Australian wages.

<p $$hash="8307-0"><span $$hash="8330-0">The rise in property prices has been helped by the increased confidence that consumers have shown in this sector. This has been shown by increases in house listings across the country and the high clearance rates from auction weekends in Melbourne and Sydney.

<p $$hash="8308-0">Posted by Ravin Chatlani

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