Australia house prices rise

Houses prices in Australia have increased over the last three months, new research has suggested.

According to the latest figures from the Global Property Guide, the country has shown an increase in the average property values after inflation in the second quarter of 2009.

An increase of 3.73 per cent was evident over the three-month period, although when taking into account the 12-month stretch from the first quarter of last year to Q2 of 2009 there was a decline of 2.8 per cent.

Regional capital cities also saw a hike in prices, with all registering between two per cent and five per cent increase in the average value of a property.

Australia was one of seven countries identified by the portal as being in recovery this quarter, joining Israel, Switzerland, Indonesia and Norway which were already classified as having rebounded from the property slump before this period.

The Australian Bureau of Statistics' Eight Capital Cities Index registered 4.2 per cent growth in Q2 of this year.

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