The Australian Bureau of Statistics (ABS) published the residential property price indexes for eight key cities for the March quarter (Q1) on Tuesday.
Australia’s Q1 House Price Index arrived at +1.6% QoQ vs. +2.7% expected and +3.9% last.
Meanwhile, the Australian Q1 House Price Index rose by 7.4% YoY vs. +2.5% previous.
March Key Points
Capital city Residential Property Price Indexes
“Rose in Sydney (+1.9%), Melbourne (+2.1%), Brisbane (+0.6%), Perth (+0.6%), Hobart (+2.4%), Adelaide (+0.4%), Canberra (+0.2%) and Darwin (+0.7%) this quarter.
Rose in Melbourne (+10.4%), Sydney (+10.0%), Hobart (+7.0%), Canberra (+3.0%), Brisbane (+2.5%) and Adelaide (+0.9%), and fell in Darwin (-3.1%) and Perth (-0.9%), over the last twelve months.”
Total value of the dwelling stock
“The total value of residential dwellings in Australia rose $141.6b to $7,237.1b this quarter.
The mean price of residential dwellings rose $10,700 to $690,200.
The number of residential dwellings rose by 43,700 to 10,485,700.”