Broker News

House price growth slows

The Australian Bureau of Statistics’ (ABS) Residential Property Price Indexes reveals Sydney and Hobart were the top performing capitals in the September quarter, with prices rising by 2.6% and 2.3% respectively. Melbourne posted a rise of 1.7%, with prices also increasing in Adelaide (0.9%), Canberra (0.8%) and Brisbane (0.2%).

However, prices fell in Perth (-1.6%) and Darwin (-1.2%).

In terms of annual house price growth, combined capital city property prices increased by 3.5% from the September quarter 2015 to the September quarter 2016.

The ABS says this is the weakest growth since the March quarter 2013, and well below the peak of 10.7% a year ago.

Melbourne and Hobart lead the charge over the year to the September quarter (up 6.9% and 6.8% respectively), while Darwin and Perth were the only capitals to record a fall in prices over the year (-7.2% and -4% respectively).

“The total value of Australia's 9.8 million residential dwellings increased $112.1 billion to $6.2 trillion,” the ABS notes.

“The mean price of residential dwellings rose $9,000 to $631,000 and the number of residential dwellings rose by 39,300 to 9,755,400 in the September quarter 2016.”

Published on: Wednesday, December 14, 2016

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