Residential property prices rose 4.1 per cent in the December quarter 2016, the strongest quarterly growth recorded since the June quarter 2015, according to figures released today by the Australian Bureau of Statistics (ABS).
Melbourne recorded the largest through the year growth of all capital cities at 10.8 per cent, followed closely by Sydney at 10.3 per cent.
Sydney and Melbourne house prices recorded strong growth in the December quarter 2016. House prices rose 6.1 per cent in Sydney and 6.0 per cent in Melbourne.
Attached dwellings prices fell in Perth (1.7 per cent), Brisbane (1.3 per cent) and Darwin (2.5 per cent), while prices rose in all other capital cities.
The total value of Australia's 9.8 million residential dwellings increased $274.2 billion to $6.4 trillion. The mean price of dwellings in Australia is now $656,800.
