The figures from the Australian Bureau of Statistics (ABS) found every capital city recorded a rise in dwelling values, at a rate rarely seen before in most cities. 

Canberra prices were up 8.3%, its strongest ever rise; Sydney saw its second ever biggest rise (8.1%); Hobart saw its strongest rise since the December 2003 quarter (6.3%); and Melbourne its biggest rise since the December 2009 quarter (6.1%). 

Brisbane (5.7%) and Adelaide (5.3%) saw the largest quarterly rise since the June and December 2007 quarter, respectively. 

ABS Head of Prices Statistics Michelle Marquardt said the growth was largely driven by house price growth in expensive suburbs. 

"The continued growth in property prices was occurring at a time of record low interest rates," Ms Marquardt said.

"Persistently low levels of stock on the market were being met with strong demand and properties transacting at an increasingly rapid rate.

"With the exception of Hobart and Darwin, capital cities continued to see house price rises outpace those of attached dwellings such as apartments and units, with price growth for both property types being driven by the upper segments of the market."

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Source: ABS.

For the first time, Australia's mean house price of residential dwellings has breached $800,000, rising by $52,600 to $835,700. 

New South Wales continued to have the highest mean price of residential properties at $1,093,100, followed by the Australian Capital Territory ($891,700), and Victoria ($891,500). 

Combined capital city house prices rose by 7.7% and attached dwelling prices rose 4.3%. 

Canberra was the only capital to experience record quarterly growth in its house price index and apartment prices, up 8.9% and 6.0% respectively. 

The total value of Australia’s 10.7 million residential dwellings rose by $596.4 billion to $8,924.6 billion in the quarter, the largest quarterly rise on record. 

More to come...


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Lender

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Important Information and Comparison Rate Warning

Base criteria of: a $400,000 loan amount, variable, fixed, principal and interest (P&I) home loans with an LVR (loan-to-value) ratio of at least 80%. However, the ‘Compare Home Loans’ table allows for calculations to be made on variables as selected and input by the user. Some products will be marked as promoted, featured or sponsored and may appear prominently in the tables regardless of their attributes. All products will list the LVR with the product and rate which are clearly published on the product provider’s website. Monthly repayments, once the base criteria are altered by the user, will be based on the selected products’ advertised rates and determined by the loan amount, repayment type, loan term and LVR as input by the user/you. *The Comparison rate is based on a $150,000 loan over 25 years. Warning: this comparison rate is true only for this example and may not include all fees and charges. Different terms, fees or other loan amounts might result in a different comparison rate. Rates correct as of February 29, 2024. View disclaimer.


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