Prices up 3.5% nationally: ABS says it's slowest in three years

Prices up 3.5% nationally: ABS says it's slowest in three years
Prices up 3.5% nationally: ABS says it's slowest in three years

The ABS has released its property price index showing a 1.5% rise in home values nationally over the September quarter.

It put the national gain at 3.5% gain over the year.

It reflected a further slight slowing as there was 4.1% annual growth reported in the year to June.

The 3.5 per cent rise through the year was the weakest growth since March quarter 2013 - and a decline from the peak of 10.7 per cent a year ago, according to figures released today by the Australian Bureau of Statistics (ABS).

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In the September quarter, residential property prices continued to fall in Perth and Darwin, while prices rose in all other capital cities.

Sydney recorded the largest quarterly residential property price growth of all capital cities, with house prices rising 2.9 per cent and attached dwellings 2.1 per cent.

Melbourne recorded the strongest through the year growth of 6.9 per cent, followed by Hobart at 6.8 per cent.

The total value of Australia's 9.8 million residential dwellings increased $112.1 billion to $6.2 trillion. The mean price of dwellings in Australia is now $631,000.

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.

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The capital city residential property price indexes rose in Sydney (+2.6%), Melbourne (+1.7%), Adelaide (+0.9%), Brisbane (+0.2%), Canberra (+0.8%) and Hobart (+2.3%) and fell in Perth (-1.6%) and Darwin (-1.2%).

Annually, residential property prices rose in Melbourne (+6.9%), Hobart (+6.8%), Canberra (+5.5%), Sydney (+3.2%), Adelaide (+3.2%) and Brisbane (+3.1%), and fell in Darwin (-7.2%) and Perth (-4.0%).

Jonathan Chancellor

Jonathan Chancellor

Jonathan Chancellor is one of our authors. Jonathan has been writing about property since the early 1980s and is editor-at-large of Property Observer.

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Abs House Price Growth

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