6416.0 - Residential Property Price Indexes: Eight Capital Cities, Dec 2016 Quality Declaration 
ARCHIVED ISSUE Released at 11:30 AM (CANBERRA TIME) 21/03/2017   
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21 March 2017
Embargo: 11.30 am (Canberra time)

Property prices up 4.1% in the December quarter 2016

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.

Further details can be found in Residential Property Price Indexes: Eight Capital Cities (cat. no. 6416.0), available for free download from the ABS website: https://www.abs.gov.au.

Media notes:
  • Established houses are detached residential dwellings on their own block of land, regardless of age.
  • The term 'attached dwellings' includes flats, units and apartments plus semi-detached, row and terrace houses.
  • The value and mean price of residential dwellings includes any land.
  • When reporting ABS data, the Australian Bureau of Statistics (or ABS) must be attributed as the source.
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