Australian property prices in fresh rise

Property prices in Australian state and territory capital cities have shown a fresh rise, according to new figures.

The latest survey by Australian Property Monitors has shown that in the three months to September the average house in such cities went up by in price by 3.7 per cent, while units were up by 3.4 per cent.

The highest increase was in Melbourne at 6.1 per cent, followed by Tasmanian capital Hobart at 5.4 per cent, while Sydney saw a 3.6 per cent increase.

Brisbane saw the smallest rise of the big cities at one per cent.

Such a trend may encourage those hoping to buy property in Australia in the expectation of capital gains.

Perth's rise was below average at 1.7 per cent, but professor of economic policy at Curtin University Peter Kenyon said earlier this week that prospects for the city are looking up, with Western Australia's mining sector recovering.

He told the Daily Telegraph: "Consumer confidence is back, business confidence is back and interstate and overseas migration continues."

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