Strongest annual growth in property prices on record: Australia

Residential property prices rose 23.7 per cent through the year to December quarter 2021, the strongest annual growth since the Residential Property Price Index series began in the September quarter 2003, according to figures released today by the Australian Bureau of Statistics (ABS).

Residential Property Price Index, weighted average of 8 capital cities, annual percentage change

Residential Property Price Index, annual percentage change
Dec-040.3
Mar-050.6
Jun-052.3
Sep-052.1
Dec-052.4
Mar-063.6
Jun-066.6
Sep-068.7
Dec-068.6
Mar-078.3
Jun-079.2
Sep-0711.1
Dec-0713.3
Mar-0812.8
Jun-087
Sep-081
Dec-08-4
Mar-09-4.6
Jun-090.2
Sep-096.8
Dec-0914.3
Mar-1018.1
Jun-1015.6
Sep-109.6
Dec-104.4
Mar-110.4
Jun-11-2.2
Sep-11-2.7
Dec-11-4.1
Mar-12-2.6
Jun-12-1.6
Sep-120
Dec-123
Mar-133.1
Jun-135.3
Sep-138.1
Dec-1310
Mar-1410.8
Jun-1410.1
Sep-148.8
Dec-146.7
Mar-156.9
Jun-159.8
Sep-1510.7
Dec-158.7
Mar-166.8
Jun-164.1
Sep-163.5
Dec-167.7
Mar-1710.2
Jun-1710.2
Sep-178.3
Dec-175
Mar-182
Jun-18-0.6
Sep-18-1.9
Dec-18-5.1
Mar-19-7.4
Jun-19-7.4
Sep-19-3.7
Dec-192.5
Mar-207.4
Jun-206.2
Sep-204.5
Dec-203.6
Mar-217.5
Jun-2116.8
Sep-2121.7
Dec-2123.7

All capital cities recorded an annual rise in residential property prices in the December quarter 2021:

  • Hobart (+29.8 per cent), Canberra (+28.8 per cent), Brisbane (+27.8 per cent), Sydney (+26.7 per cent), and Adelaide (+23.9 per cent) had the largest annual rise since the commencement of the series, in the September quarter 2003.
  • Melbourne (+20.0 per cent) had the largest annual rise since the June quarter 2010.
  • Perth rose 15.7 per cent and Darwin rose 13.0 per cent through the year.

ABS Head of Prices Statistics Michelle Marquardt said: “House price growth continues to outpace price growth for attached dwellings. House prices rose 27.5 per cent through the year, while prices of attached dwellings rose 14.0 per cent.”

In the December quarter 2021, residential property prices rose 4.7 per cent. The strongest quarterly price growth was recorded in Brisbane (+9.6 per cent), followed by Adelaide (+6.8 per cent), Hobart (+6.5 per cent), and Canberra (+6.4 per cent).

“Results were consistent with a range of housing market indicators. New lending commitments for housing rose to a record high value in the December quarter 2021. Days on market fell and sales transaction volumes increased. Record low interest rates and strong demand have continued to support growth in property prices”, Ms Marquardt said.

The total value of Australia’s 10.8 million residential dwellings rose by $512.6 billion to $9,901.6 billion in the December quarter 2021. The value of residential dwellings has risen $2,015.1 billion since the December quarter 2020. The mean price of residential dwellings in Australia was $920,100, up from $876,100 in the September quarter 2021.

/ABS Public Release. This material from the originating organization/author(s) may be of a point-in-time nature, edited for clarity, style and length. The views and opinions expressed are those of the author(s).View in full here.