- Residential property prices rose 23.7 per cent in the last year, the fastest annual increase on record
- According to the Australian Bureau of Statistics’ residential property prices index report, which began in 2003, each capital city witnessed double-digit growth
- Residential property prices increased by 4.7 per cent in the December 2021 quarter
- In the December quarter, the total value of Australia’s 10.8 million residential homes increased by $512.6 billion to $9.9 trillion
Residential property prices rose 23.7 per cent last year, the highest annual increase ever recorded.
According to the Australian Bureau of Statistics’ residential property prices index report, which began in 2003, each capital city witnessed double-digit growth.
“House price growth continues to outpace price growth for attached dwellings. House prices rose 27.5 per cent through the year, while prices of attached dwellings rose 14 per cent,” ABS Head of Prices Statistics Michelle Marquardt said.
| Residential property prices | Sep Qtr 21 to Dec Qtr 21 | Dec Qtr 20 to Dec Qtr 21 |
|---|---|---|
| % change | % change | |
| Weighted average of eight capital cities | 4.7 | 23.7 |
| Sydney | 4.1 | 26.7 |
| Melbourne | 3.9 | 20.0 |
| Brisbane | 9.6 | 27.8 |
| Adelaide | 6.8 | 23.9 |
| Perth | 2.9 | 15.7 |
| Hobart | 6.5 | 29.8 |
| Darwin | 1.5 | 13.0 |
| Canberra | 6.4 | 28.8 |
Residential property prices increased by 4.7 per cent in the December 2021 quarter.
Brisbane had the highest quarterly price gain during the three-month period (of 9.6 per cent), followed by Adelaide (up 6.8 per cent), Hobart (6.5 per cent) and Canberra (6.4 per cent).
“Results were consistent with a range of housing market indicators. New lending commitments for housing rose to a record high value in the December quarter,” Ms Marquardt said.
“Days on market fell and sales transaction volumes increased. Record low interest rates and strong demand have continued to support growth in property prices.”
In the December 2021 quarter, the total value of Australia’s 10.8 million residential homes increased by a whopping $512.6 billion to $9.9 trillion.
Since the December 2020 quarter, the value of residential homes has soared by $2,015.1 billion.
In the September 2021 quarter, the average price of a residential residence in Australia was $920,100, up from $876,100.