ABS data confirms house price surge

Figures from the Australian Bureau of Statistics show Australian house prices rose 4.2 per cent in the three months to September 30 2009 and 6.2 per cent over the September 2008-September 2009 period.

The data supports recently released figures from private institutions that suggest the property market is booming right now.

A lack of supply, growing population, government incentives and low interest rates have been at the centre of the strong property market this year, with Australia managing to avoid the worst of the global financial crisis.

Melbourne led the way amongst the capitals, with growth of 4.7% for the quarter (and 8.4% year-on-year). Sydney, where prices rose 4.3%, and Brisbane, prices up 4.4%, were also strong performers in the quarter. However, year-on-year, Sydney and Brisbane saw more restrained growth, with prices rising 5.9% and 5.6%, respectively.

Posted Thursday 5th of November 2009, 4:26 PM