Property boom officially everywhere as all state and territory capitals see December quarter growth: ABS

The three per cent gains were the biggest recorded since the December quarter 2019

Property boom officially everywhere as all state and territory capitals see December quarter growth: ABS
Property boom officially everywhere as all state and territory capitals see December quarter growth: ABS

The property boom is officially everywhere.

Data released by the Australian Bureau of Statistics found that every capital city record a rise in residential property prices in the December quarter.

The three per cent gains were the biggest recorded since the December quarter 2019.

The pent up demand from Melbourne's prolonged locked down drove the Victorian capital to be the joint best performer over the three months, with prices up 3.4 per cent, the same as Canberra.

Hobart followed, with prices up 3.1 per cent, then Sydney, up three per cent.

Perth's 2.9 per cent gains came in slightly below average, as did Brisbane's 2.7 per cent and Adelaide's 2.6 per cent gains. Weighing the average down was Darwin, however the Northern Territory capital still posted gains of 2.2 per cent.

Property boom officially everywhere as all state and territory capitals see December quarter growth: ABS

ABS head of prices statistics Michelle Marquardt said the rise in property prices is consistent with a range of housing market indicators.

"New lending commitments to households, auction clearance rates and days on market all improved during the December quarter."

Annually, residential property prices rose 3.6 per cent, the ABS data found.

"This is the first time that all capital cities have seen an annual rise since the December quarter 2014," Marquardt said.

Hobart prices jumped 6.4 per cent, followed by a 5.2 per cent gain in Canberra and 4.2 per cent in Perth.

House prices rose 3.9 per cent in Sydney and 3.7 per cent in Melbourne, while attached dwelling prices rose 1.4 per cent in Sydney and 2.5 per cent in Melbourne.

Joel Robinson

Joel Robinson

Joel Robinson is a property journalist based in Sydney. Joel has been writing about the residential real estate market for the last five years, specializing in market trends and the economics and finance behind buying and selling real estate.

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Abs Price Boom 2021 Property Boom

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