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Latest figures released today by the Australian Bureau of Statistics

Latest figures released today by the Australian Bureau of Statistics show the established house price index grew by a higher-than-expected 3.1% during the June quarter. This translated into an annual increase of 18.4%.

The biggest increase was in Sydney, where house prices increase by 4.9% in the 3 months to June. Sydney’s annual house price growth was 21.4%.

Melbourne property prices increased by 3.6% in the last quarter giving a enormous 24.3% growth rate for the full year.

The Statistician reported that house prices in Sydney and Melbourne were supported by mid-to-lower-tier priced properties.  In Sydney, it was properties in the $650K-$1.2mn range while in Melbourne it was properties below $700K that supported the market

Results for the other states were: Adelaide 3.2% in the quarter, annual gain of 11.6%, Brisbane +0.3% / 8.5%,  Perth +0.4%/+13.0%, Hobart +0.1%/10.8%,Canberra +2.1%/19.6% and Darwin +2.8%/14.6%.

Of course this is quarterly data and lags the more up to date monthly series from RP Data-Rismark which show that there was negative house price growth in the month of June. Click Here.



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Michael is a director of Metropole Property Strategists who help their clients grow, protect and pass on their wealth through independent, unbiased property advice and advocacy. He's once again been voted Australia's leading property investment adviser and his opinions are regularly featured in the media. Visit Metropole.com.au


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