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.
Subscribe & don’t miss a single episode of Michael Yardney’s podcast
Hear Michael & a select panel of guest experts discuss property investment, success & money related topics. Subscribe now, whether you're on an Apple or Android handset.
Need help listening to Michael Yardney’s podcast from your phone or tablet?
We have created easy to follow instructions for you whether you're on iPhone / iPad or an Android device.
Prefer to subscribe via email?
Join Michael Yardney's inner circle of daily subscribers and get into the head of Australia's best property investment advisor and a wide team of leading property researchers and commentators.