House prices moving up again

Residential house prices in Sydney went up by 0.9 per cent in March 2009, while Melbourne prices jumped 1.6 per cent in March 2009. Adelaide recorded a 0.8 per cent increase in March 2009. Brisbane housing prices have now fallen by 1.8 per cent during the first three months of 2009. In Perth, house prices fell 1.9 per cent in March 2009 to bring the quarterly fall to 3.9 per cent according to the latest figures from Residex.

Westpac economist Julene Lee has said that housing prices "continue to hold the line well in most capital cities, with signs that improved demand is providing more support in the first quarter of 2009".