ABS: Property prices surged 2.4% in Q3

The ABS has released its property price index – incorporating both detached houses and units – which registered a 2.4% rise in home values nationally over the September, driven by big gains (3.6% respectively) in Sydney and Melbourne:

The other capitals were a mixed bag, with Brisbane (+0.7%) and Hobart (+1.3%) recording rises and Adelaide (-0.3%), Perth (-1.2%), Canberra (-0.5%) and Darwin (-1.2%) recording falls.

The ABS has also updated its estimated total value of residential properties in Australia, which was $6.87 trillion in the September quarter, up from $6.68 trillion in the June quarter and $6.86 trillion at the same time in 2018. The average price of Australia’s 10,396,200 residential properties is also $660,800, up 6.2% from $645,200 recorded in the June quarter:

Thus, this data is belated confirmation of the house price rebounds already recorded by CoreLogic and Domain.

Leith van Onselen
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