statistic graph stock market
Image – Canva.
  • 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.

Residential property prices, weighted average of eight capital cities, quarterly percentage change
Source – Australian Bureau of Statistics. The property price index for all eight capital cities has been a roller coaster over the past three years.

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.”

Residential property prices, quarterly percentage change, December quarter 2020
Source: Australian Bureau of Statistics.

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%.

Mean dwelling price, states and territories, December quarter 2020
Source – Australian Bureau of Statistics.

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%.

Total value of dwelling stock
Source – Australian Bureau of Statistics.

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.

You May Also Like

Melbourne property market sees mom and dad builders flock to outer suburbs for the best bang for buck

The cost of building a house in these top 20 suburbs started at $272,944 and topped out at $387,688.

Australian rental market clocks in a near-40% price growth, while wages struggle to keep up

Rents soared by almost 40% across the pandemic, while wages barely clocked in 20% growth.

Gender gap closes? Women outpace men in overall property ownership

Challenges persist for younger women in achieving homeownership, highlighting the need for targeted solutions.

Exclusive: Top five regional New South Wales housing markets revealed, the affordable alternatives to Sydney

Hotspotting has exclusively revealed to TPT New South Wales housing market’s five best regional hotspots for homebuyers and investors.

Top Articles

PropertyGuru Asia Property Awards (Australia) returns for its 7th edition, including several brand new award ...

This year's awards include several brand new categories, with entries closing 2 August 2024.

Housing crisis survival guide: How to buy your first Australian property

Three property experts give the low down on how to nab a home in this tough housing market.

Strata properties as investments: All you need to know about investing in a Perth unit

As the cost of renting approaches the cost of a mortgage, more people are investing in units to escape the rental trap.