 House prices increase slightly
House prices in Australia have risen slightly in the first quarter of 2009. According to the RP Data-Rismark National Dwelling Value Index, prices lifted 1.6 per cent between January - March this year.
Prices in Sydney, Melbourne and
Darwin rose more than two per cent, with Darwin the best-performing city, with housing
values up 2.8 per cent over the quarter to $432,091 and 8.4 per cent
over 12 months.
Lower interest rates are credited with the encouraging figures, as well as the boost to the first home buyer grant.
"Australia's residential property market has proven
to be consistently resilient and follows on from modest circa three per
cent falls in the value of capital city homes during 2008." RP Data-Rismark International said in statement.
Perth had the weakest performance, with
housing values falling 0.7 per cent during the quarter, to $466,034, and
6.3 per cent over 12 months.
Sydney and Melbourne housing prices lifted 2.4 per cent, to $514,695 and $426,423 respectively.
Brisbane house prices were up 1.3 per cent to $425,433, and dwellings in Canberra grew 1.4 per cent to $455,797.
Adelaide recorded a 0.3 per cent fall to $393,183.
These numbers are an encouraging sign that our local housing markets will not see the dramatic falls in values that the US has seen or the UK have experienced. Values overseas have fallen by as much as 20 per cent.
The Australian property market is on shaky ground but these latest figures do show some hope for the housing markets here.
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