Country: Australia
2 November 2009
The average price of a property in Australia appreciated by 4.2% in the third quarter of this year, according to the latest Australia house price index monitored by the Australian Bureau of Statistics.
The latest Australia property price rise means that in the year to September, the Australia house price index has increased 6.2%.Despite the strong rise in house price growth, CommSec chief economist Craig James said that Australia’s central bank preferred to focus on other residential price indices.
“The Reserve Bank has made it clear that they focus on the RP Data-Rismark figures rather than the Bureau of Statistics figures, because the ABS figures do not include apartments and are compiled in a different way,” James commented.
He added: “The RP Data are substantially lower than the Bureau of Statistics figures and they are seen as a better indication of what's happening in terms of house prices.
“The Reserve Bank's probably going to take little notice of them.”
As of 1 October, the first home owner grant, which was worth $14,000 (£7,800) for those buying an established home and $21,000 (£11,400) for those buying a new home in Australia or building their own home, was reduced to $10,500 (£5,800) and $14,000 (£7,800), respectively.
In October, the central bank increased the interest rate to 3.25%.
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