March quarter rise for residential property prices: ABS
Residential property prices have had four consecutive quarters of growth according to the ABS who report property prices rose 2.2 percent in the March quarter.
Price rose 3 percent in Sydney, 3.1 percent in Melbourne and fell 1 percent in Perth and Darwin 0.9 percent in Darwin.
Marcel van Kints, Program Manager for the ABS Prices Branch said while residential property prices rose in most capital cities this quarter, Sydney and Melbourne continue to drive the national result.
Yearly growth in residential property prices reached 10.2 percent in the March quarter 2017, according to the ABS. Sydney recorded the largest through the year growth of all capital cities at 14.4 percent and by Melbourne at 13.4 percent.
The total value of Australia's 9.9 million residential dwellings increased $163.1 billion to $6.6 trillion. The mean price of dwellings in Australia is now $669,700.
