Residential Property Prices Rose Almost 4 Per Cent Last Quarter

backyard with grass back deck outdoor seating and bbq

Residential property prices rose in most capital cities in the December quarter 2019, according to data released last week by the Australian Bureau of Statistics. The figures show a 3.9 per cent rise nationally, driven largely by further hikes in Sydney and Melbourne, where prices rose 4.7 per cent and 5.2 per cent in Melbourne, respectively.

Home prices rose in all capital cities except Darwin, which recorded a fall of 0.8. In Brisbane prices were up by 1.8 per cent, Adelaide 1.4 per cent, Perth 1.1 per cent, Hobart 2.7 per cent and Canberra 3.1 per cent. Over the year, residential property prices lifted 2.5 per cent, with rises in all capital cities except Perth and Darwin.

ABS Chief Economist Bruce Hockman remarked that while Australia’s two largest cities continued to lead the rise in property prices, the turnaround in the housing market has spread to all other cities except Darwin.

The total value of Australia’s 10.4 million residential dwellings rose by $294.4 billion to $7,212.6 billion in the December quarter 2019, the largest rise since the September quarter 2011. The mean price of residential dwellings in Australia is now $691,000.

Source: Australian Bureau of Statistics