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ABS data: House prices on the r...

ABS data: House prices on the rise in capital city markets

House prices in Australia's capital city markets largely enjoyed a positive performance over the September quarter. 

The latest data from the Australian Bureau of Statistics (ABS) reveals that all capitals reported an increase in the established house price index. 

Only Perth and Darwin were exceptions, where prices fell by 1.8 per cent and 2.2 per cent respectively over the three-month period.

Sydney was the top performer with a 2.6 per cent quarterly growth, followed by Hobart with 2.2 per cent and Melbourne, where the established house price index increased by 2.1 per cent. 

Increases in the ABS unit price index were also recorded in all capitals except Brisbane, where prices fell by 0.6 per cent and Perth, which was 0.8 per cent down. 

Sydney was also the top performer in this respect, with unit prices increasing by 2.1 per cent - and this strong result was matched by Hobart.

Melbourne reported the strongest through the year growth at 6.9 per cent, followed by Hobart at 6.8 per cent.

On a national scale, the total value of Australia's 9.8 million residential dwellings increased by $112.1 billion to $6.2 trillion, which takes the mean price of dwellings in Australia to $631,000.

Andrew Wilson, chief economist of the Domain Group, noted the similarity of this data to reports previously published by his organisation. 

"The ABS results were again remarkably similar to those published previously by the Domain Group, he commented. 

Mr Wilson added that the figures offer an "accurate insights into the underlying nature of housing market performance". 

All information provided is of a general nature only and does not take into account your personal financial circumstances or objectives. Before making a decision on the basis of this material, you need to consider, with or without the assistance of a financial adviser, whether the material is appropriate in light of your individual needs and circumstances. This information does not constitute a recommendation to invest in or take out any of the products or services provided by SMATS Services (Australia) Pty Ltd or Australasian Taxation Services Pty Ltd.

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