House prices climb in Australia's capital cities
By Steve Binge

House prices climb in Australia's capital cities

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Australia's capital cities have seen their house prices rise during September, according to the RP Data Rismark Home Value Index.

The survey revealed the average cost of purchasing a capital city dwelling was up for the fourth successive month, with the latest overall increase being 1.4 per cent.

Adelaide performed best with a 2.4 per cent hike, while Perth's prices climbed 1.6 per cent, Sydney's 1.5 per cent, Melbourne's 1.4 per cent and Brisbane's 1.1 per cent.

On a quarterly basis, capital values rose two per cent on average, although they declined in Perth and Hobart.

RP Data research director Tim Lawless said the Reserve Bank of Australia's 50 basis point cut in the cash rate in May has boosted the market for real estate in Australia.

He added: "A further cut of 25 basis points in June and the anticipation of further rate cuts in the pipeline appear to have instilled renewed confidence in the housing market."

The prospects for Australian capitals in 2013 are good, according to a recent study by SQM Research.

It said double-digit price growth could occur in some places, forecasting rises of up to 14 per cent in Darwin and 12 per cent in Sydney.
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