Melbourne yet to catch Sydney as national house price growth halves: ABS

Melbourne yet to catch Sydney as national house price growth halves: ABS
Melbourne yet to catch Sydney as national house price growth halves: ABS

Melbourne has yet to catch Sydney as national house price growth halves, according to the official ABS data for the September quarter when the growth gap narrowed.

The weighted average price index for residential properties across the eight capital cities for the September quarter rose 2%, the latest data from the Australian Bureau of Statistics showed, lower than the 4.7% national growth in the June quarter.

According to the Residential Property Price Indexes, the index rose 10.7% through the year to the September quarter.

Capital city residential property price indexes rose in Sydney (3.1%) in the September quarter, Melbourne (2.9%), Brisbane (1.3%), Adelaide (1.2%), Canberra (1.3%) and Hobart (0.5%). Two cities showed a fall, Perth (-2.4%) and Darwin (-0.4%), it said.

"Annually, residential property prices rose in Sydney (+19.9%), Melbourne (+9.9%), Brisbane (+3.8%), Canberra (+4%), Adelaide (+3.5%) and Hobart (+1.7%) while they fell in Darwin (-2%) and Perth (-3.3%).

"The total value of residential dwellings in Australia was $5 859 824.6 m at the end of September quarter 2015, rising $137,125.0m over the quarter. The mean price of residential dwellings rose $11,900 to $612,200 and the number of residential dwellings rose by 38,600 to 9,572,400 in the September quarter 2015."

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Melbourne yet to catch Sydney as national house price growth halves: ABS

For the June quarter, the index rose 9.8% through the year.

"Capital city residential property price indexes rose in Sydney (8.9%), Melbourne (4.2%), Brisbane (0.9%), Adelaide (0.5%) and Canberra (0.8%), was flat in Hobart (0.0%) and fell in Perth (-0.9%) and Darwin (-0.8%)," it noted.

"Annually, residential property prices rose in Sydney (+18.9%), Melbourne (+7.8%), Brisbane (+2.9%), Canberra (+2.8%), Adelaide (+2.7%) and Hobart (+1.5%) and fell in Darwin (-1.8%) and Perth (-1.2%).

"The total value of residential dwellings in Australia was $5,761,607.2m at the end of June quarter 2015, rising $271,939.1m over the quarter. The mean price of residential dwellings rose $26,200 to $604,700 and the number of residential dwellings rose by 38,400 to 9,528,300 in the June quarter 2015."

Tags: 
Price Growth Residential Market

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