Monday, February 1, 2010

Perth houses up 11.5% over 2009: ABS

According to the Australian Bureau of Statistics, Perth has recorded the biggest jump in house prices in December with an increase of 5.7% in December. Overall according to the ABS, Perth recorded 11.5% increase over 2009. This was compared to a national average for 2009 of 13.6%. So who's borrowing at the moment. Australian Financial Group AFG arranged 864 mortgages in WA over the month of January totalling $335m with an average home lone of $388,000.  Almost 12% of these loans went to first home buyers and 34% to investors. Whilst this may seem like a big amount, it was a drop from 1049 mortgages valued at $409m in December 2009. As we know that house prices are a lagging indicator, with the sharemarket falling dramatically in recent weeks, one would wonder whether the house prices will survive a nearly imminent increase in interest rates tomorrow by the RBA. Watch this space...

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