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House prices hit new highs
September 4, 2003

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Source: ABS.GOV.AU
House prices have jumped during the last quarter.

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House prices in Australia’s capital cities have jumped five per cent between April and June, the biggest quarterly rise in almost two years.

The House Price Index, issued quarterly by the Australian Bureau of Statistics (ABS), showed growth in average prices accelerated from 3.4 per cent in the March quarter, to be up 18.1 per cent in the year.

The latest figures show Sydney house prices rose 3.9 per cent in the quarter, from 3.3 per cent earlier.

They were 20.6 per cent higher over the year to June, the ABS said.

Brisbane had the biggest increase, with prices up 7.9 per cent in the quarter and 26.3 per cent over the year.

Adelaide was close behind, prices rising 7.6 per cent in the June quarter and 24.7 per cent over the year, followed by Canberra on 7.1 per cent and 23.8 per cent.

In Perth, prices rose six per cent in the quarter and 15.8 per cent annually, and in Hobart by 4.4 per cent in the quarter and 15.9 per cent annually.

Growth in Melbourne prices accelerated to 4.2 per cent from 1.9 per cent in the first three months of the year, but showed only moderate growth of 10 per cent in the year.

Darwin had the slowest growth, with prices up just 0.5 per cent in June and 7.6 per cent over the year.

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– AAP