Housing prices have only risen modestly in the September quarter, according to the latest ABS Index of Established House Prices.

 

The Housing Industry Association (HIA) says the ABS figures show the fifth consecutive quarter where the index has remained more or less steady.

 

“Lower interest rates, a relatively stable labour market, steadily rising household incomes,  and population growth continue to provide a stabilising influence on housing prices,” said Geordan Murray. “The economic reality must certainly be a blow to the headline-chasing doomsayers who can’t help but forecast an imminent collapse in Australian house prices,” HIA Economist Geordan Murray said.

 

“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,

 

Across capital cities, in the September 2012 quarter the project (new) house price index increased by 1.6 per cent in Sydney, 2.9 per cent in Brisbane, 0.2 per cent in Adelaide, 0.2 per cent in Perth, 0.8 per cent in Darwin, and 0.3 per cent in Canberra. Prices fell in Melbourne (-0.2 per cent) and Hobart (-2.9per cent) over the September quarter.

 

Across capital cities, in the  September 2012 quarter the established house price index increased by 0.3 per cent in Sydney, 0.2 per cent in Melbourne, 0.4 per cent in Brisbane, 1.8 per cent in Perth,and 0.2 per cent in Hobart. The index fell by 0.6 per cent in Adelaide, 0.5 per cent in Darwin, and 1.1 per cent in Canberra. These results will be subject to revision by the ABS.