Strongest annual growth in property prices on record
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).
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.
Further details can be found in Residential Property Price Indexes: Eight Capital Cities, available for free download from the ABS website.
- 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.
- The value of new lending commitments for housing is in original terms and excludes refinancing. For details see Lending indicators, December 2021.
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