The ABS has today released its property price index – incorporating both detached houses and units – which registered a 1.6% rise in values nationally over the March quarter and a 6.9% gain over the year, a slight acceleration from the 6.7% annual growth recorded in the year to December 2014 but well short of expectations of 2% and 7.4%.
As expected, the growth in property values was once again driven by Sydney – specufestor central – where prices rose by 3.1% over the quarter and by 13.1% over the year. Solid gains were also posted in Brisbane (+3.9% YoY) and Melbourne (+4.7% YoY), whereas growth was negative in Darwin (-0.4% YoY) and Perth (-0.3% YoY).
