The Australian Bureau of Statistics (ABS) has released its property price indices for the December quarter – incorporating both detached houses and units – which registered a strong 3.9% quarterly rise in home values driven by massive gains in Sydney (+4.7%) and Melbourne (+5.2%):
The other capitals were mostly positive but grew more slowly, with only Darwin (-0.8%) registering falling values.
The ABS has also updated its estimated total value of residential properties in Australia, which was $7.2 trillion in the December quarter, up from $6.92 trillion in the September quarter and $6.79 trillion at the same time in 2018. The average price of Australia’s 10,437,900 residential properties is also $691,000, up 3.8% from $665,600 recorded in the September quarter:
