Housing market slowly recovering in Australia
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Australia’s housing market is showing signs of recovery, backed by lower interest rates and improving affordability. The house price index for 8 capital cities rose by 2.6% (0.1% in real terms) during the year to Q1 2013, according to the Australian Bureau of Statistics (ABS). It was the second consecutive quarter with a nominal y-o-y increase, after a series of price drops since Q2 2011.
Darwin had the highest price increase during the year to end-Q1 2013 (8%), followed by Perth (6.1%) and Sydney (3.6%). Smaller nominal price increases were also recorded in Canberra (1.5%), Brisbane (1.4%), Melbourne (1.1%), and Adelaide (0.9%). Out of Australia’s eight capital cities, only Hobart experienced a price decline of 1.9%.
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