Australian house prices beat market forecasts

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Tuesday, Mar 21 2017

Australian house prices beat market forecasts

The price index for residential properties for the weighted average of the eight capital cities rose 4.1% in the December quarter 2016. The index rose 7.7% through the year to the December quarter 2016. The capital city residential property price indexes rose in Melbourne (+5.3%), Sydney (+5.2%), Brisbane (+2.2%), Adelaide (+1.8%), Canberra (+2.8%), Hobart (+4.5%) and Perth (0.3%), and fell in Darwin (-1.5%).

Annually, residential property prices rose in Melbourne (+10.8%), Sydney (+10.3%), Brisbane (+3.8%), Adelaide (+4.1%), Canberra (+5.5%) and Hobart (+8.8%), and fell in Perth (-4.1%) and Darwin (-7.0%). The total value of residential dwellings in Australia was $6,438,537.3m at the end of the December quarter 2016, rising $274,160.0m over the quarter. The mean price of residential dwellings rose $25,400 to $656,800 and the number of residential dwellings rose by 39,600 to 9,802,700 in the December quarter 2016.

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