Housing prices continued to rise in the week following the federal election, new figures show. Source: AAP
HOUSING prices continued their rise in the week after the federal election, new figures show.
The RP Data-Rismark Daily Home Value Index for the five mainland state capitals rose by 0.5 per cent in the week ending Sunday, September 15.
The rise brought the annual rise in housing prices, which bottomed out in mid-2012, to 5.7 per cent.
Aside from Perth, with a fall of 0.2 per cent, the other four capitals in the index posted rises last week.
Sydney was at the front of the pack, with a gain of 0.8 per cent for the week and 8.0 per cent for the year.
Adelaide had the weakest annual increase of just 0.1 per cent, while Perth had the biggest annual rise, 8.8 per cent.
The weekly auction clearance rate for the combined capitals was 74.6 per cent, down only marginally from the week before which was the strongest result since late 2010.
The market has been underpinned by a rise in demand relative to supply, with the number of homes on the market down by 14.1 per cent from a year before, led by a 28.6 per cent fall in Sydney.
Sydney also led the pack in terms of time homes spend on the market, with a listing-to-sale interval of only 29 days for houses and 27 days for units.
In Perth, the number of homes listed for sale rose by 7.0 per cent, and their time on the market was 56 days for houses and 63 days for units.
However, the market was even slower in Hobart, where the number of listings fell by 4.2 per cent in the past year, but the time on the market remained very long - 68 days for houses and 111 days for units.
Hobart also recorded the biggest vendor discount from the original price - 9.8 per cent compared with Sydney's 3.6 per cent.
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