Residential property prices rose 0.8 per cent in the September quarter 2020, according to figures released today by the Australian Bureau of Statistics (ABS).
All capital cities apart from Melbourne recorded a rise in residential property prices in the September quarter 2020. The rises in residential property prices were led by the Sydney (1.0 per cent) and Brisbane (1.5 per cent) property markets. Property prices fell 0.3 per cent in Melbourne.
House prices rose 1.4 per cent in Sydney and 1.6 per cent in Brisbane, while attached dwelling prices rose 0.2 per cent in Sydney and 1.3 per cent in Brisbane.
Head of Prices Statistics at the ABS, Andrew Tomadini, said “Results for Sydney and Brisbane are in line with housing market indicators. New lending commitments to households, auction clearance rates and sales transactions all improved during the September quarter.”
“Property prices continued to fall in Melbourne in the September quarter, due to the impacts of COVID-19 restrictions. Melbourne house prices fell 0.3 per cent and attached dwelling prices fell 0.2 per cent.”
Through the twelve months to the September quarter 2020, residential property prices rose 4.5 per cent, with rises in all capital cities except Darwin.
“Residential property transactions rose in a number of capital cities in the September quarter 2020. Substantial increases were observed in Sydney and Brisbane”, said Mr Tomadini.
The total value of Australia’s 10.6 million residential dwellings rose by $87.8 billion to $7,283.3 billion in the September quarter 2020. The mean price of residential dwellings in Australia is now $689,500.