- Quarterly property price changes for Australian cities up 3.0%, yearly up 3.6%
- Property sector now worth more than $7.7 trillion
- Melbourne and Canberra saw largest quarterly changes, up 3.4%
Across Australia’s eight capital cities, the Australian Bureau of Statistics reports that the Residential Property Price Index has risen by 3.0% for the quarter, and 3.6% over the past twelve months.
The data reflects widely reported boons for the real estate and construction industries more broadly, with the effect of state and federal government housing grants kicking reflected in results.
The value of what we previously knew to be a $6 trillion dollar industry is now over $7.5 trillion; the ABS reporting “total value of residential dwellings in Australia rose $257.9b to $7,724.4b [$7.7 trillion] this quarter.”
Taking a closer look at each of the cities, Melbourne and Canberra saw the largest quarterly change up 3.4%, largest yearly change was experienced in Hobart, up 6.4%, closely followed by Canberra at 5.2%.
In detail, the quarterly changes were all up across the capital cities, Sydney rose 3.0%, Melbourne 3.4%, Brisbane 2.7%, Adelaide 2.6%, Perth 2.9%, Hobart 3.1%, Darwin 2.2%, Canberra 3.4%.
The year on year changes to the property price index as reported by the ABS were all up as well, Sydney rose 3.7%, Melbourne 2.9%, Brisbane 4.0%, Adelaide 3.8%, Perth 4.2%, Hobart 6.4%, Darwin 2.3%, Canberra 5.2%.
Back in 2015, and for the years following, the property industry was widely reported as a $6 trillion industry, Core Logic data, and the Australian Financial Review, among the bigger names reporting the value of property in Australia.
Australia continues to see a significant portion of its wealth tied up in property, the industry now valued in excess of $7.7 trillion, Australia’s entire GDP pales in comparison, only $1.3 trillion as reported by the ABS.