Latest ABS house price data reported mostly positive results for capital city markets over the September quarter. All capitals reported an increase in the established house price index with the exception of Perth and Darwin where prices fell by 1.8 percent and 2.2 percent respectively over the quarter.
The top performers were Sydney up by 2.6 percent, Melbourne up 2.1 percent and Hobart where the established house price index increased by 2.2 percent over the September quarter.
Most capitals also reported increases in the ABS unit price index with the exception of Brisbane where prices fell 0.6 percent and Perth down by 0.8 percent over the quarter. Sydney was again the top performer with unit prices increasing by 2.1 percent and matched by Hobart with the same strong result.
Melbourne reported the strongest growth in established house prices over the year ending September – up by 8.6 percent. Perth and Darwin annual house prices however decreased by 4.1 percent and 8.5 percent respectively.
The ABS results were again remarkably similar to those published previously by the Domain Group and continue to validate Domain as the timely benchmark for robust insights into housing market dynamics.
Domain house price data remains a respected resource for industry and policymakers and also remains a consistently favoured provider of housing market intelligence to the Reserve Bank of Australia.
The Domain methodological approach as endorsed and utilised by the ABS continues to provide accurate insights into the underlying nature of housing market performance.
Article by: www.domain.com.au (Dr Andrew Wilson)
http://www.domain.com.au/news/abs-reports-rising-house-prices/