House prices increase spike around the country
The residential property market is continuing on its path to recovery, with the latest housing figures showing prices are steadily improving across the nation.
The most recent Australian Bureau of Statistics (ABS) Index of Established House Prices shows an increase in most capital city markets for the September quarter, with the exception of Canberra, Darwin and Adelaide.
Across the board, prices increased a modest 0.3 per cent - the fifth consecutive quarter that the index has recorded either growth or stability.
Housing Industry Association (HIA) economist Geordan Murray welcomed the figures, citing favourable economic conditions as the reason for the upturn.
"Lower interest rates, a relatively stable labour market, steadily rising household incomes, and population growth continue to provide a stabilising influence on housing prices," Mr Murray said in a statement on November 6.
"On the new housing front, the capital city Project Home Price Index rose by 0.8 per cent in the September 2012 quarter to be up by a benign 1.3 per cent on a year earlier."
Perth recorded the biggest increase (1.8 per cent), followed by Brisbane (0.4 per cent), Sydney (0.3 per cent), and Melbourne and Hobart (0.2 per cent).
In comparison, Canberra saw the biggest fall (1.1 per cent), followed by Adelaide (0.6 per cent) and Darwin (0.5 per cent).