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.