Average capital city dwelling prices hit record high: Pete Wargent

Average capital city dwelling prices hit record high: Pete Wargent
Average capital city dwelling prices hit record high: Pete Wargent

EXPERT OBSERVATION

All capital cities recorded a rise in residential prices in the March 2020 quarter, led by Sydney (+1.9 per cent) and Melbourne (+2.1 per cent). 

The two largest cities both recorded gains of more than +10 per cent over the year, taking the weighted average capital city price +7.4 per cent higher over the year to March.

Most of the COVID restrictions were rolled out in March, so there was little impact on the price charts by capital city. 

Average capital city dwelling prices hit record high: Pete Wargent

Sydney houses and attached dwellings both recorded quarterly gains.

Average capital city dwelling prices hit record high: Pete Wargent

The mean dwelling price rose to a record high at an estimated $690,200.

Average capital city dwelling prices hit record high: Pete Wargent

The number of dwellings was an estimated 10,485,700.

Average capital city dwelling prices hit record high: Pete Wargent

The value of Australia's dwelling stock hit a record high, with a preliminary estimate of $7.23 trillion.

Average capital city dwelling prices hit record high: Pete Wargent

The ratio of dwelling stock to GDP increased to 3.79x, but was still just below 2017 levels.

Average capital city dwelling prices hit record high: Pete Wargent

This is a high figure in global terms, but plenty lower than, say, Hong Kong.

Pete Wargent is the co-founder of AllenWargent property buyers and a best-selling author and blogger 

Pete Wargent

Pete Wargent

Pete Wargent is the co-founder of BuyersBuyers.com.au, offering affordable homebuying assistance to all Australians, and a best-selling author and blogger.

Tags: 
House Prices Property market

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