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Perth House Market Leads Nation

08 May 2013
Perth’s property market is leading the country with prices jumping 1.2 per cent through the first three months of the year.

The Australian Bureau of Statistics reported today that overall established house prices rose by 0.1 per cent through the March quarter. Over the full year, prices climbed by 2.6 per cent.

The price gains made through the quarter were led by Perth which recorded its fourth consecutive quarterly lift in prices.

Perth prices were up 6.1 per cent over the full year – the best annual performance since mid-2010.

Elsewhere, prices were up by 1.9 per cent in Darwin (for an annual rate of 8 per cent), by 0.2 per cent in Melbourne (1.1 per cent annual) and by 0.2 per cent in Canberra (annual increase of 1.5 per cent).

But prices were down in Brisbane by 0.3 per cent, in Adelaide by 0.1 per cent and Hobart by 0.3 per cent. Prices were flat in Sydney.

The increase in overall prices comes as the Reserve Bank considers a rate cut at its monthly meeting today.

There was good economic news for the Reserve with figures from the ABS showing the first trade surplus in almost two years.

On the back of a lift in the volume of iron ore exports, the nation reported a $307 million surplus in March.

The quarter opened with a $1.1 billion deficit in January.

The figures, coupled with some positive signs in the retail sector, suggest the March quarter GDP result will be better than expected.
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