Modest rises in house sales prices
THE housing industry has welcomed a modest rises in house sales prices, after the Australian Bureau of Statistics revealed prices went up 0.3% in the September quarter.
Housing Industry Association economist Geordan Murray said the bureau's index of established house prices rose for the fifth consecutive quarter, but average sales prices were still 4.1% below the 2010 peak.
"Lower interest rates, a relatively stable labour market, steadily rising household incomes, and population growth continue to provide a stabilising influence on housing prices," he said.
"The economic reality must certainly be a blow to the headline-chasing doomsayers who can't help but forecast an imminent collapse in Australian house prices.
The index measures house sales figures across the nation's capital cities.
In the September quarter, prices rose 0.3% in Sydney, 0.2% in Melbourne, 0.4% in Brisbane, 0.2% in Adelaide, 1.8% in Perth, 0.8% in Darwin and 0.3% in Canberra.