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The Australian Bureau of Statistics released its house price index on Tuesday. The Australian house price index rose 0.2% in the fourth quarter, beating expectations for a flat reading, after a 2.0% gain in the third quarter.
Main contributors were Canberra (+2.8%), Hobart (+2.5%), Melbourne (+1.6%), and Brisbane (+1.6%).
On a yearly basis, house prices climbed 8.7% in the fourth quarter, after a 10.7% rise in the third quarter.
The total value of residential dwellings in Australia rose by A$31.6 billion to A$5.9 trillion in the fourth quarter.