Property boom officially everywhere as all state and territory capitals see December quarter growth: ABS
The property boom is officially everywhere.
Data released by the Australian Bureau of Statistics found that every capital city record a rise in residential property prices in the December quarter.
The three per cent gains were the biggest recorded since the December quarter 2019.
The pent up demand from Melbourne's prolonged locked down drove the Victorian capital to be the joint best performer over the three months, with prices up 3.4 per cent, the same as Canberra.
Hobart followed, with prices up 3.1 per cent, then Sydney, up three per cent.
Perth's 2.9 per cent gains came in slightly below average, as did Brisbane's 2.7 per cent and Adelaide's 2.6 per cent gains. Weighing the average down was Darwin, however the Northern Territory capital still posted gains of 2.2 per cent.
ABS head of prices statistics Michelle Marquardt said the rise in property prices is consistent with a range of housing market indicators.
"New lending commitments to households, auction clearance rates and days on market all improved during the December quarter."
Annually, residential property prices rose 3.6 per cent, the ABS data found.
"This is the first time that all capital cities have seen an annual rise since the December quarter 2014," Marquardt said.
Hobart prices jumped 6.4 per cent, followed by a 5.2 per cent gain in Canberra and 4.2 per cent in Perth.
House prices rose 3.9 per cent in Sydney and 3.7 per cent in Melbourne, while attached dwelling prices rose 1.4 per cent in Sydney and 2.5 per cent in Melbourne.
Joel Robinson
Joel Robinson is the Editor in Chief at Apartments.com.au, where he leads the editorial team and oversees the country’s most comprehensive news coverage dedicated to the off the plan property market. With more than a decade of experience in residential real estate journalism, Joel brings deep insight into Australia’s evolving development landscape.
He holds a degree in Business Management with a major in Journalism from Leeds Beckett University in the UK, and has developed a particular expertise in off the plan apartment space. Joel’s editorial lens spans the full lifecycle of a project—from site acquisition and planning approvals through to new launches, construction completions, and final sell-out—delivering trusted, buyer-focused content that supports informed decision-making across the property journey
