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House price growth

Australian house prices rose at the fastest pace in seven years through 2016.


According to the latest data, prices in Perth fell 4.3% in 2016 as the downturn in mining investment continued to weigh on the resource-rich state of Western Australia.


Sydney posted gains of 15.5% last year, with Melbourne at 13.7%, Hobart 11.2%, Adelaide 4.2% and Brisbane up 3.6%.


Property prices are under close watch at the Reserve Bank of Australia, which has indicated it won’t rush into further interest rate cuts unless the economy slows.


Published: 03 January 2017