Tuesday 5th August 2008 |
Text too small? |
An index of the weighted average price for established houses in the capital cities fell 0.3% in the June quarter, the Australian Bureau of Statistics said in a report. Prices rose a revised 0.4% in the March quarter.
The figures add weight to comments by Reserve Bank of Australia Governor Glenn Stevens on July 16 that more-expensive credit will slow the economy enough to control inflation. The RBA will probably keep its cash target rate at a 12-year high of 7.25% at its review of monetary policy tomorrow, economists say.
House prices in Perth and Hobart led the decline in the second quarter, according to the statistics bureau, falling 2.4% and 2% respectively. Prices in Sydney, Australia's most-populous city, rose 0.3% and prices in Melbourne fell 0.3%.
The house prices report comes after figures last week showed home-building consents fell for a second month in June. Total dwelling permits fell a seasonally adjusted 0.7% in June, following a revised 7.2% tumble in May, the statistics bureau said.
No comments yet
NZAS Sign Long Term Contracts
Amended - IFT230 Maturity and Exchange for IFT350
Synlait forecast milk price update
Chorus submits 2023 fibre regulatory report
Infratil Infrastructure Bond Exchange Offer opens
May 31st Morning Report
NZAS and Mercury sign long-term agreement, creating opportunity for future investment in renewables
Meridian and NZAS sign long term contracts
ArborGen Holdings Results for Year Ended 31 March 2024
BAI - Full unaudited results to 31 March 2024