Australia Q2 House Prices Up 4.2% On Quarter

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The average asking price for a home in Australia was up 4.2 percent in the second quarter of 2009 compared to the previous three months, the Australian Bureau of Statistics said on Tuesday. That was higher than forecasts for a 2.0 percent quarterly increase after the 2.2 percent fall three months earlier.

There were price rises in all capital cities with Sydney (+4.9 percent), Melbourne (+5.2 percent), Perth (+2.7 percent), Brisbane (+2.5 percent) and Adelaide (+3.4 percent) the major contributors to the weighted average of the eight capital cities. There were smaller contributions from Canberra (+3.6 percent), Hobart (+2.5 percent) and Darwin (+2.4 percent).

On an annual basis, Q2 house prices were down 1.4 percent versus expectations for a 4.9 percent fall after the revised 6.2 percent contraction in the previous three months.

Annually, house prices rose in Darwin (+11.0 percent), Adelaide (+2.7 percent) and Hobart (+0.1 percent), and fell in Perth (-3.7 percent), Brisbane (-3.3 percent), Melbourne (-1.5 percent), Sydney (-0.9 percent) and Canberra (-0.2 percent).

(Market News Provided by RTTNews)