- +6.7% growth during the June quarter is the strongest since the series began in 2003
- Total value of all residential property rose by $596 billion to $8.92 trillion
- Canberra recorded +8.2% growth
Residential property prices grew at their strongest rate on record in the recent June quarter, according to Australian Bureau of Statistics (ABS) data.
During the June quarter, prices grew by +6.7%, the highest growth since the ABS began its Residential Property Price index series in September 2003.
All capital cities recorded a rise in residential property prices, with all except for Perth and Darwin recording rises not seen in years.
Canberra recorded +8.2% – the largest quarterly growth for any city ever – while Sydney had +8.1% growth – the largest quarterly rise for the harbour city in six years.
Residential Property Price Index – weighted capital cities
“The continued growth in property prices was occurring at a time of record low interest rates,” said Michelle Marquardt, ABS head of price statistics.
“Persistently low levels of stock on the market were being met with strong demand and properties transacting at an increasingly rapid rate.”
Michelle Marquardt, ABS head of price statistics
“With the exception of Hobart and Darwin, capital cities continued to see house price rises outpace those of attached dwellings such as apartments and units, with price growth for both property types being driven by the upper segments of the market.”
This price increase has taken the total value of Australia’s 10.7 million residential dwellings to $8.92 trillion, a rise of $596 billion.
The mean price of residential dwellings nationally rose by $52,600 to $835,700.
New South Wales remains the highest in the country at $1,093,100 with the ACT overtaking Victoria for second place at $891,700.