RESIDENTIAL PROPERTY

Canberra house prices outperform in June

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CANBERRA lead the charge in residential price gains over the June quarter, with dwellings climbing 8.2%, while the combined capital city average increased by 6.7%.

According to the Australian Bureau of Statistics’ Residential Property Price Index for the past quarter, the country’s weighted average capital city dwelling prices increased by 16.8% over the past 12 months.

While the country’s total value of residential dwellings rose by $596.4 billion to $8,924.6 billion over the quarter, with an increase in total residential dwelling of 44,400 to 10,679,500.

Canberra’s quarterly increase was its largest since the series begun in the September 2003 quarter. With the house price index seeing an 8.9% increase or the greatest since recording began in the March 2002 quarter, reflecting a 21.0% rise for the last 12 months.

In attached dwellings, Canberra also saw the greatest rise since the series began in the September 2003 quarter, increasing by 6.0% and reflecting a 13.5% increase for the year.

For the quarter, Sydney followed Canberra, recording a 8.1% increase in residential property prices, for the city’s greatest quarterly rise since the June quarter of 2015.

Sydney beat out the nation’s capital’s yearly increase of 19.1%, with its own 19.3% rise.

House prices rose again in Sydney, with a 9.6% increase for the quarter, after a 8.0% increase in the March quarter.  With rises seen in all segments but most evident in the $1.95 million and above market.

After recording a 2.6% rise in attached dwelling prices in the March quarter, Sydney recorded a 5.1% gain for this quarter, for a 9.6% increase over the last 12 months.

Melbourne recorded an increase of 6.1% for the quarter and 15% for the year, with the quarterly increase the greatest quarterly rise since the December 2009 quarter.

House prices grew by 7.2% for the quarter, the greatest quarterly increase since December 2007, for a 17.6% increase for the year. With gains being witnessed across all segments of the market.

Attached dwellings prices in Melbourne rose by 2.9%, after a 2.5% increase in the previous quarter, this was 7.9% increase over the last 12 months. Increased were seen largely in the $610,000 and above segment.

Meanwhile Brisbane recorded a 5.7% increase for the quarter and 14.6% for the year, with house prices seeing their largest quarter rise since June 2007, with a 6.2% rise observed across all segments, with a 16.0% rise over the year.

Brisbane’s attached dwelling prices also rose by 3.1%, for the greatest rise since September 2009, reflecting a 8.1% increase over the last 12 months.

While this was seen in all segments, it was most demonstrative in the $380,000 and above segment.

In Adelaide, residential property prices increased by 5.3% over quarter and 14.2% for the year.

While house prices in the South Australian capital grew by 6.1% for their largest increase since the December 2007 quarter, reflecting a 15.6 rise over the year. Attached dwellings saw a 2.5% increase for the quarter and 9.2% increase for the year.

Perth recorded a 4.8% increase for the quarter and 15.0% for the year, with house prices increasing by 5.0% for the quarter and 15.7% for the year, while attached dwellings rose by 4.2% for the quarter and 12.1% for the year.

Hobart recorded a rise in residential property prices of 6.3% for the quarter and 17.7% for the year, with house prices rising by 6.3% for the quarter and 17.9% for year, while attached dwelling prises rose by 6.4% for the quarter and 16.0% for the year.

In all three indexes Hobart saw its greatest quarterly increase since the December quarter 2003.

Finally, Darwin 4.6% increase over the quarter and a 12.8% increase for the year, with house prices rising by 4.2% for the quarter and 13.8% for the year, while attached dwelling prices rose 5.2% quarter and 10% for the year.

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