Property prices rose 1.6 per cent in March quarter 2020

Residential property prices rose 1.6 per cent in the March quarter 2020, according to figures released today by the Australian Bureau of Statistics (ABS).

All capital cities recorded a rise in residential property prices in the March quarter 2020, with Australia’s two largest cities, Sydney (+1.9 per cent) and Melbourne (+2.1 per cent), continuing to lead the rises.

House prices rose 2.6 per cent in Sydney and 2.3 per cent in Melbourne, while attached dwelling prices rose 1.5 per cent in Melbourne and 0.8 per cent in Sydney.

ABS Chief Economist Bruce Hockman said, “Estimates are in line with expectations. The majority of restrictions relating to COVID-19 came into effect in late March and therefore did not have a noticeable impact on property prices in the March quarter 2020.”

Through the year to the March quarter 2020, residential property prices rose 7.4 per cent, with rises in all capital cities except Perth and Darwin.

The total value of Australia’s 10.5 million residential dwellings rose by $141.6 billion to $7,237.1 billion in the March quarter 2020. The mean price of residential dwellings in Australia is now $690,200.

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