Average house price rises 4.2% in September quarter

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By Robert Carry

The weighted average house price in Australia's capitals increased 4.2% in the September quarter, preliminary estimates from the Australian Bureau of Statistics (ABS) have shown.

According to the newly-released ABS estimates, Sydney saw in increase of 4.3% while there were also positive contributions from Melbourne (4.7%), Perth (4.5%), Brisbane (4.4%), Adelaide (1.7%), Canberra (4.3%), Darwin (3.4%) and Hobart (1.8%).

Over the year to September 2009, preliminary estimates show that the price index for established houses for the weighted average of the eight capital cities increased 6.2%.
Annually, house prices rose in Darwin by 12.3%, Melbourne by 8.4%, Canberra by 7.8%, Sydney by 5.9%, Brisbane by 5.6%, Hobart by 5.4%, Perth by 4.4%, and Adelaide by 3.7%.
 
The movement in the preliminary established house price index between June quarters 2008 and 2009 has been revised from an estimated decrease of 1.4% to 0.7%.

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