The ABS released their latest Residential Property Prices series today. Prices continue to rise, and are high by any measure you care to look at. Preliminary estimates show that the price index for residential properties for the weighted average of the eight capital cities rose 1.5% in the September quarter 2014. The index rose 9.1% through the year to the September quarter 2014. The capital city residential property price indexes rose in Sydney (+2.7%), Melbourne (+1.0%), Brisbane (+1.0%), Adelaide (+1.0%), Hobart (+1.0%), Canberra (+0.3%) and Darwin (+0.3%) and fell in Perth (-0.1%). Annually, residential property prices rose in Sydney (+14.6%), Melbourne (+6.9%), Brisbane (+6.7%), Adelaide (+5.6%), Hobart (+4.3%), Perth (+3.7), Darwin (+3.4%), and Canberra (+2.4%).
The total value of residential dwellings in Australia was $5,296,305.3m at the end of September quarter 2014, rising $99,578m over the quarter. The mean price of residential dwellings rose $8,300 and the number of residential dwellings rose by 37,700 in the September quarter 2014.
The average price in Sydney is above $700,000 (to March 2014), whereas in Tasmania its $250,000.
Also, we see that prices have risen faster in the Cities, compared with regional areas. Here is the data for Sydney and NSW. Actually, if you correct for inflation, prices beyond the main centres have gone sideways, or worse.
