Residential property prices up 20% in last 12 months

The ABS has released the latest quarterly capital city “Residential Property Price Index” and following the recent near 7% quarterly jump in prices, the annualised rate over the last 12 months has now exceeded 21% – bring on the next pandemic!

The average price is up $42,000 to $863,700 across the country:

Here’s are the perecentage changes, with Sydney property prices exceeding 25% year on year:

Here comes $10 trillion “value” in residential property – definitely need another pandemic or similar to pump those numbers up, since it increases “wealth” for all Australians:

Madness.

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Comments

  1. BoomToBustMEMBER

    The fact people think this is normal or fantastic is absurd, such is the delusions of those who believe they benefit

  2. Tiliqua scincoides

    Yay! I’m rich. My place was revalued last week and it’s up $500k since April (according to the conservative estimates from NAB). I’m using it to buy 5% of a professional services firm 🥳

  3. Great comparison from a recent Kohler interview with US economist, Michael Hudson: “… In fact, I recently did a piece for television on house prices in Australia and one of the things we had in a piece was a case study – a couple had bought a house about 7km from the Sydney CBD for $1.7 million and I looked for a house in New York City that was about the same distance from downtown Manhattan as that place was from Sydney’s CBD and it was in Jersey City or Hoboken and it was a similar house, I found a similar house on Zillow to the one this couple bought in Mascot, the suburb was, and it was half the price.

    • Strange EconomicsMEMBER

      Yes , why is property in Sydney more expensive than LA, NY, London or Paris. ? And rents for less?
      its incomprehensible. Still another 25 % to come each year.

  4. working class hamMEMBER

    Anecdata
    Northern rivers coastal towns, have gone up close to 100% in 12 months. Homes that were valued at 800k now 1.8m, entry level houses that sold for 600k, nothing under 1.2m.

  5. Jumping jack flash

    Its amazing what a bit of super can do, plus homebuilder, plus a cheap debt window, plus a rate cut (but that probably isn’t going to happen again)

    So much pent-up demand though. Look at it goooo!