According to statistics published by the Australian Bureau of Statistics this week, Australia’s eight cities have experienced the first increase in house prices since the final quarter of 2010. Property prices have risen by 0.5 per cent when compared with the first quarter of 2012.

The statistics show that the biggest price increases were in Darwin where they rose by 5.1 per cent. Sydney experienced an increase of 1.4 per cent, Perth prices rose by 0.6 per cent and in Adelaide prices went up by 0.5 per cent. Queensland’s biggest city, Brisbane, only saw very marginal price increases of 0.1 per cent.

Price increases were not experienced everywhere. The nation’s capital city, Canberra, saw prices fall by 1.3 per cent and both Melbourne and Hobart saw prices reduce by 0.4 per cent.

The statistics show that although the June quarter of 2012 has seen positive movement, throughout the rest of year house prices have fallen in all the capital cities with the exception of Darwin and Perth.

Andrew Harvey, Senior Economist for the Housing Industry Association commented: “The figures may be an indication that we are returning to an environment of housing price growth. Given that housing affordability is at its highest level in more than two years the result is not a surprise as good earnings growth and interest rate cuts may mean the end of the modest correction we have been seeing in house prices”.

Despite these increases being the first that the Australian market has experienced for quite some time, fundamentally the Australian housing market remains very strong. Rent has continued to grow at a rate which is well above headline inflation, rental vacancy rates are tight and Australia’s unemployment rate has sparked envy across the developed world.

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