'09 house price growth matches '08

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By Robert Carry

The Australia-wide growth in house prices for the year ending 30 September 2009 has reached 4.62%  - matching the rate seen for the same period last year.

Residex CEO John Edwards said he believed trends across Australia suggested the period of correction has passed and that all markets are "presenting as if there will be positive growth". However, he added that growth would be "small to minimal" due to rising interest rates and the lack of affordability in many markets.

Residex also reported that the country's unit market outperformed the housing market by 0.5%. Edwards added, "For the first time that I am able to remember, and possibly in history, the growth rate in units across Australia has outperformed the housing market."

The report pointed out that Brisbane house prices on average have provided a better annual rate of growth than either Melbourne or Sydney over the past 20 years. Sydney has shown the poorest result of 6.34% pa while Melbourne provided the next poorest result of 6.8% pa. Brisbane, despite being the most affordable city of the three over this period, saw increases of 7.8% pa.

 

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