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Aust capital city house prices lift 1.5% in September quarter

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Australian residential property prices lifted 1.5 per cent across eight capital cities in the quarter, but growth varied greatly.

The Australian Bureau of Statistics (ABS) Residential Property Price Index (RPPI) rose by a seasonally adjusted 1.5 per cent in the Septmber quarter, putting the annual pace of growth at a strong 9.1 per cent.

Economists had expected a rise of 1.5 per cent for the September quarter.

Sydney led the way with a gain of 2.7 per cent, with the next closest reading of 1 per cent growth being recorded for Melbourne, Adelaide, Brisbane and Hobart.

Prices in Perth contracted 0.1 per cent, as the West Australian mining boom comes to end.

The figures showed the property market boom was mainly occurring in Sydney, where annual growth of 15 per cent was more than double that experienced in any other capital city, JP Morgan economist Tom Kennedy said.

"Prices are slowing down a little bit but they're falling to levels that we think will be more sustainable over the long term," Mr Kennedy said.

"The growth we saw last year can't be sustained and that could lead to problems if it did.

"The fact that we've slowed down is probably a good thing and we think it'll probably slow down a little more."

Easing mining investment has dampened demand for labour, slowing population growth and therefore house price growth in Perth, Mr Kennedy said.

Commonwealth Bank senior economist Michael Workman said an increase in housing supply over the next year, as suggested by building approvals figures, would slow house price growth in Sydney, Melbourne and Brisbane.

"It's quite clear in most of the data that's it's the eastern seaboard where most of the activity, price wise, is occurring," Mr Workman said.

"It's also where most of the new building is underway and there's a lot of new stock coming over the next year, so there will be this change in the market that will dampen house price growth over the coming year."

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ABS data shows Sydney buoyed capital city house prices, as prices in Perth fell.

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