Australian capital cities see new price rise

Existing homes in state and territory capitals across Australia rose by 4.2 per cent in the three months to September, it has been revealed.

Data from the Australian Bureau of Statistics has shown that the eight capitals all saw increases in the period, with the largest being Melbourne at 4.7 per cent.

Above-average rises were also seen in Perth (4.5 per cent), Brisbane (4.4 per cent) Sydney and Canberra (both 4.3 per cent).

The smallest increase was recorded by Adelaide (1.7 per cent), followed by Hobart on 1.8 per cent.

Over the past year, however, the greatest improvement has taken place in Darwin, which saw a 12.3 per cent increase, nearly twice the 6.2 per cent national average.

In contrast, Perth's annual increase of 4.4 per cent is less than its quarterly rise, indicating that the city has been bouncing back from a slump.

Australia may be set for more growth soon as its economy is improving faster than expected.

Treasury minister Wayne Swan said that since the Budget, projections for employment levels, economic growth and public finance have all got better.

This development "underscores Australia's position as the strongest performing advanced economy in the world," he claimed.

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