The ABS released its residential property price indices for the March 2014 quarter today here.
The capital city residential property price indexes rose in the quarter in all capital cities except for Canberra.
Prices rose in Sydney (+2.3%), Melbourne (+2.1%), Perth (+1.1%), Brisbane (+0.8%), Adelaide (+0.7%), Hobart (+1.4%), Darwin (+1.1%) but fell in Canberra (-0.1%).
Not surprisingly, then, Sydney’s property market remains the strongest of the capital cities:
Annually, residential property prices rose in all 8 capital cities due to the prevailing low interest rate environment.
Prices rose in Sydney (+15.7%), Melbourne (+10.9%), Perth (+7.3), Brisbane (+6.1%), Adelaide (+4.9%), Hobart (+4.8%), Darwin (+4.1%), and Canberra (+1.1%).
On an annual basis, therefore, Sydney was also the strongest property market (click chart):
The total value of residential dwellings in Australia was $5,100,821.0 million ($5.1 trillion) at the end of March quarter 2014, after rising by $105,348.0 million over the three month period.
The mean price of residential dwellings rose $9,100 and the number of residential dwellings rose by 37,400 in the March quarter 2014 to 9,333,700.
As the ABS now also provides a more detailed split of data, there is a little more analysis to do here.
Also out today was the Housing Finance data, so there’s a bit more to follow…