The Australian Bureau of Statistics has confirmed what a number of commercial research organizations have already reported – it is likely our property markets have turned the corner and a recovery is under way.
The ABS which only measures house prices – not apartments – reported that established house prices appreciated by 0.3 per cent in the September quarter, substantiating similar numbers from Australian Property Monitors and RP Data.
House prices have increased by 0.9 per cent over the first nine months of 2012.
Sydney house prices are up 2.6 per cent in 2012 and increased by 1.8 per cent over the past six months.
Surprising many (including me) Melbourne house prices rose by 0.2 per cent in the September quarter and have been flat over the last six months.
Interest rates remained steady today, so it will be intersting to see what happens to house prices over the rest of the year.