Australia House Prices Climb 2.4% In Q3

Residential property prices in Australia were up 2.4 percent on quarter in the third quarter of 2019, the Australian Bureau of Statistics said on Tuesday.

That beat expectations for an increase of 1.5 percent following the 0.7 percent decline in the second quarter.

On a yearly basis, house prices fell 3.7 percent - again topping forecasts for a decline of 4.6 percent following the 7.4 percent tumble in the three months prior.

House prices were up in Sydney (+3.6 percent), Melbourne (+3.6 percent), Brisbane (+0.7 percent) and Hobart (+1.3 percent), and fell in Perth (-1.2 percent), Adelaide (-0.3 percent), Canberra (-0.5 percent) and Darwin (-1.2 percent) this quarter.

Prices fell in Darwin (-5.4 percent), Sydney (-4.6 percent), Perth (-4.6 percent), Melbourne (-3.5 percent), Brisbane (-2.6 percent), Canberra (-1.4 percent) and Adelaide (-1.0 percent), and rose in Hobart (+2.1 percent) over the last twelve months.

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