Property prices rise 0.8 per cent in September quarter: ABS
The recovery in the Australian housing market continues, with the ABS today reporting a 0.8 per cent gain in property values across the nation's capital cities over the September quarter.
Seven out of the eight states and territories saw gains, with only Melbourne, who endured further lockdowns, seeing a contraction. Their values however only scaled back -0.3 per cent.
The best performer was Adelaide, whose dwelling values rose 1.6 per cent over the quarter. They were closely followed by Brisbane (+1.5 per cent) and Perth (+1.4 per cent).
Hobart's +1.2 per cent gains made it the best performer over the last 12 months, with values up six per cent since the September quarter 2019.
Sydney values rose one per cent in the September quarter to be the next best yearly performer, up 5.4 per cent since this time last year.
| Residential Property Prices | June Qtr 20 to Sept Qtr 20 | June Qtr 19 to Sept Qtr 19 |
|---|---|---|
| Weighted average of capital cities | 0.8% | 4.5% |
| Sydney | 1% | 5.4% |
| Melbourne | -0.3% | 4.7% |
| Brisbane | 1.5% | 3.1% |
| Adelaide | 1.6% | 2.6% |
| Perth | 1.4% | 2.4% |
| Hobart | 1.2% | 6% |
| Darwin | 0.8% | -0.7% |
| Canberra | 0.9% | 5% |
Head of Prices Statistics at the ABS, Andrew Tomadini, said new lending commitments to households, auction clearance rates and sales transactions all improved during the September quarter.
"Residential property transactions rose in a number of capital cities in the September quarter 2020. Substantial increases were observed in Sydney and Brisbane", Mr Tomadini said.
"Property prices continued to fall in Melbourne in the September quarter, due to the impacts of COVID-19 restrictions. Melbourne house prices fell 0.3 per cent and attached dwelling prices fell 0.2 per cent."
The total value of Australia’s 10.6 million residential dwellings rose by $87.8 billion to $7,283.3 billion in the September quarter 2020. The mean price of residential dwellings in Australia is now $689,500.
The number of residential dwellings rose by 44,000 to 10,562,800.