Both Perth and Darwin have very strong gains which are continuing to be buoyed by the commodity price cycle.

The continuing shortages of housing inventory are driving the price gains. There is no evidence of bubbles popping.

I think it could last as the gains abroad are strong.

This reinforces the role of business investment and exports as underpinning the recovering economy. Looking ahead, the oil price presents a clear negative for the consumer and we're likely to see only a moderate pace of growth being sustained.

The solid rise puts some significant upside risk on our 0.8 percent GDP forecast.

The house price data continues to suggest the worst of the house price declines are in the past, although we continue to see little upside from here for some time to come.