Australian house prices stand firm

Staff Reporter Friday, 1 May 2009 3 minute read

Australia’s property market defied the slowdown in the first quarter of 2009, with property prices rising according to two new property reports.

RP Data and Rismark International’s national dwelling index released yesterday rose 1.6 per cent over the first three months of the year while Australian Property Monitors (APM) today reported a quarterly rise in national house prices of 0.1 per cent.

While the figures differ slightly both confirm the Australian residential property market is holding up well in the face of the economic slowdown – particularly in comparison to foreign counterparts such as the US where prices have fallen in excess of 20 per cent.

Over the quarter Darwin has proven the strongest performer with unit prices increasing in excess of 9 per cent, according to APM.

Capital City Dwelling Values – end March 2009

(RP Data/Rismark)

Sydney – Up 2.4% to $514,695

Melbourne – Up 2.4% to $426,423

Brisbane – Up 1.3% to $425,433

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Adelaide – Down 0.3% to $393,183

Perth – Down 0.7% to $466,034

Darwin – Up 2.8% to $432,091

Canberra – Up 1.4% to $455,797

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