The latest data highlighting a modest rise in Australian property prices during September has been commented on by the Housing Industry Association (HIA).
According to the recent Australian Bureau of Statistics Index of Established House Prices, the average home value increased by 0.3 per cent in September in comparison to the same month last year, ensuring the outlook for the country's property sector remains positive.
HIA economist Geordan Murray commented: "Lower interest rates, a relatively stable labour market, steadily rising household incomes and population growth continue to provide a stabilising influence on housing prices."
Mr Murray added that the ongoing increases are a blow to the "doomsayers" who continue to forecast an imminent collapse in Australia's property market, although capital cities have not fared as well as the wider market in recent months.
The news follows the publication of falling capital property values in October, with the sector registering its first monthly decline since May.
Posted by Steve Douglas
