The last of the major house price data providers, the Australian Bureau of Statistics (ABS), today released their capital city house price indices for the June quarter of 2013, which reported a 2.4% increase in capital city house prices over the quarter. However, the result was strengthened by the fact that the March quarter’s result was revised-up. Had this revision not taken place, capital city house prices nationally would have risen by 3.1% over the quarter.
The below table summarises the key movements:
House prices nationally are now 0.5% above their 2010 peak in nominal terms, led by Darwin (+12.3%), Perth (+4.8%) and Sydney (+4.6%). However, Hobart (-7.8%), Adelaide (-4.3%), Brisbane (-3.8%), and Melbourne (-3.6%), and Canberra (-0.5%) remain below their respective peaks.
In real inflation-adjusted terms, prices remain -6.4% below peak, with all capitals except Darwin yet to regain their previous highs.
Overall, the ABS house price survey confirms that a house price recovery is underway, but that the strength of the recovery is highly varied across the major capital city markets.
