ABS: Property prices rose pre-COVID

The Australian Bureau of Statistics (ABS) has released its property price indices for the March quarter – incorporating both detached houses and units – which registered a solid 1.6% quarterly rise in home values, driven by Melbourne (+2.1%) and Sydney (+1.9%):

The other capitals also experienced positive growth.

The ABS also updated its estimated total value of residential properties in Australia, which was $7.2 trillion in March with the average price of Australia’s 10,485,700 residential properties at $690,200:

Obviously, this data is next to useless in the wake of the COVID-19 meltdown.

Leith van Onselen

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