Australian Home Prices Climb 0.2% as Perth, Brisbane Strengthen

Home prices in Australia’s eight capital cities rose 0.2 percent in March from February, led by increases of 1.4 percent in Perth and 0.8 percent in Brisbane, according to figures from RP Data and Rismark International.

Prices were unchanged across the nation’s eight capital cities in the three months ended March 31, according to the RP Data-Rismark home value index. Hobart was the best performer during the quarter, with prices jumping 7.3 percent, while Adelaide fared the worst, with prices dropping 1.5 percent.

“While the housing market remains soft, the zero percent change over the first quarter of 2012 demonstrates that it is consolidating its position following the decline seen in calendar year 2011,” Ben Skilbeck, managing director of Rismark, said in the report.

To contact the reporter on this story: Nichola Saminather in Sydney at nsaminather1@bloomberg.net

To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net

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