Residential property prices rose at the fastest pace on record in the June Quarter, pushing the value of Australia’s housing stock $596.4 billion higher to almost $9 trillion.
Prices rose 6.7% in the June Quarter, the strongest quarterly growth recorded by the ABS Residential Property Price Index series since records began in 2003.
The increase took the total value of Australia’s 10.7 million residential dwellings to $8.92 trillion, representing a $52,600 rise in the mean price of residential dwellings to $835,700.
Canberra (up 8.2%) and Hobart (up 6.3%) both achieved their strongest rates of growth, while Sydney achieved its second largest quarterly growth (up 8.1%). Only the June Quarter 2015 achieved a greater increase.
Melbourne (up 6.1%) had the largest quarterly rise since late in 2009. Brisbane (up 5.7%) moved at a rate not seen since mid 2007, while Adelaide (up 5.3%), last recorded growth this strong in December 2007.
ABS Head of Prices Statistics Michelle Marquardt says: “The continued growth in property prices is occurring at a time when persistently low levels of stock on the market are being met with strong demand and properties transacting at an increasingly rapid rate.
“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.”