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SYDNEY (Dow Jones)--Australian house prices are increasing as the availability of housing continues to remain tight, the Real Estate Institute of Australia said Thursday.
A report from the REIA Thursday showed median house prices rising across most of the major Australian cities in the third quarter from the second quarter.
Melbourne led the market, with its median price rising 5.1% to A$431,000 on quarter and 9.9% on year.
Adelaide and Hobart median prices both rose 2.3% on quarter, to A$320,000 and A$317,000 respectively, and 10.7% and 9.3% over the year.
The housing markets in Sydney and Perth were both steadier but coming off high bases.
Sydney rose 1.5% in the quarter to A$538,400 and 3.4% over the year.
Perth grew just 0.7% to A$455,000 in the quarter.
"Despite rising interest rates, the availability of housing finance and a relative under-supply of housing resulted in steady growth in the housing market during the quarter and the year to September 2007," REIA president Noel Dyett said.
Median prices for Brisbane weren't yet available.
-By Sam Holmes, Dow Jones Newswires;
61-2-8235-2964; samuel.holmes@dowjones.com
(END) Dow Jones Newswires
November 21, 2007 20:46 ET (01:46 GMT)
Copyright 2007 Dow Jones & Company, Inc.
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