Annual property price growth weakest since 2013

by Miklos Bolza15 Dec 2016
Residential property prices have grown 3.5% throughout the year, a trend which the Australian Bureau of Statistics (ABS) says is the weakest growth since the March quarter of 2013.
 
The ABS also noted that this growth was significantly lower than the peak of 10.7% measured a year ago.
 
In the September quarter, property prices fell in Perth and Darwin while rising in all other capital cities.
 
In Sydney, quarterly prices for established houses (detached residential dwellings on their own land) increased 2.9% while attached dwellings (flats, units, apartments, semi-detached, row and terrace houses) increased 2.1%.
 

 
This table lists three indices across all capital cities: the residential property price index (RPPI), established house index (HPI) and attached dwellings price index (ADPI).
 
Looking at the yearly trends, Melbourne recorded the strongest growth of 6.9% followed by Hobart at 6.8%
 
The ABS said the total value of Australia’s 9.8 million residential dwellings was $6.2 trillion – an increase of $112.1 billion over the quarter. This puts the current mean price of dwellings in Australia at $631,000.
 
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