The Australian Bureau of Statistics (ABS) today released their capital city house price indices for the September quarter of 2013, which reported a 1.9% increase in capital city house prices over the quarter. However, the result was strengthened by the fact that the June quarter’s result was revised-up. Had this revision not taken place, capital city house prices nationally would have risen by 2.2% over the quarter.
The below table summarises the key movements:
House prices nationally are now 2.7% above their 2010 peak in nominal terms, led by Darwin (+10.9%), Sydney (+9.5%) and Perth (+3.8%). However, Hobart (-7.7%), Adelaide (-4.5%), Brisbane (-2.5%), Canberra (-2.0%) and Melbourne (-1.5%) remain below their respective peaks.
In real inflation-adjusted terms, prices remain -5.4% below peak, with all capitals except Darwin and Sydney yet to regain their previous highs.
Overall, the ABS house price survey confirms that a house price recovery is underway, but that the strength of the recovery is highly varied across the major capital city markets.
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