Australian house prices grew at a slower pace in the first quarter from the last three months of 2009 as the central bank’s five rate increases since September took effect, Australian Property Monitors said.

House prices rose 3.1% in the three months to March 31, from 5.3% in the previous quarter, APM said in an e- mailed statement. Unit prices added 0.2%, compared with 2.6% in the prior period.