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Perth Leads House Price Revival

06 August 2013

Perth house prices are climbing at their fastest rate in three years, new figures show, with the Reserve Bank set to make it even easier to buy into the property market.

The Australian Bureau of Statistics today reported that the house price index for Perth climbed by 3.4 per cent in the three months to the end of June, the best performance in the country.

It took the annual growth rate in the index for Perth to 11 per cent.

Nationally, prices were up by 2.4 per cent for the quarter.

Outside Perth the best performed city was Darwin, at 2.9 per cent, while the index was up by 2.7 per cent in Sydney.

The annual performance for Perth dwarfed other cities with the next best Darwin again at 7.1 per cent.

Adelaide, just 0.6 per cent, and Hobart at 1.2 per cent continue to drag the chain.

The figures came ahead of today's Reserve Bank board meeting result.

The Reserve is expected to cut official rates today by a quarter percentage point to a 54-year low of 2.5 per cent. A quarter percentage point reduction would save a person with a $300,000 mortgage about $44 a month.

Meanwhile, the ANZ measure of job advertisements fell by 1.1 per cent in July after a 1.6 per cent drop in June.

Ads have now fallen for five consecutive months to be eight per cent lower than in February.

However, ANZ chief economist Ivan Colhoun said the figures were falling at a slower rate across every State and Territory bar the NT in a sign the market may be stabilising. << back to news articles