Residential property prices rose 2.2 per cent in the March quarter 2017 according to figures released on Tuesday by the Australian Bureau of Statistics (ABS). This was the fourth consecutive quarter of growth.
Even though residential property prices increased in most capital cities, Sydney and Melbourne were the main drivers of the result.
The price rises in Sydney (3 per cent) and Melbourne (3.1 per cent) were partially offset by falls in Perth (1 per cent) and Darwin (0.9 per cent).
Through the year growth in residential property prices reached 10.2 per cent in the March quarter 2017. Sydney recorded the largest through the year growth of all capital cities at 14.4 per cent, followed closely by Melbourne at 13.4 per cent.
The total value of Australia’s 9.9 million residential dwellings increased $163.1 billion to $6.6 trillion. The average house price in Australia is now $669,700.