Red hot property market sets new record
The property market remains at an all time high and continues to run red hot. Whilst the media headlines capture the sentiment, the Australian Bureau of Statistics March quarterly data captures the numbers behind the housing market surge.
The total value of residential dwellings in Australia has surpassed $8 trillion for the first time, according to new data from the Australian Bureau of Statistics. During the March quarter, the total value of Australia’s 10.6 million homes rose by $449.9 billion – the biggest jump on record.
The Australian Bureau of Statistics March quarterly data also captured the following numbers behind the housing market surge:
- National home values climbed to a new high of $779,000, and in NSW the average breached the $1M mark for the first time.
- Residential property prices nationally jumped 5.4% last quarter – the largest jump since 2009. Of this housing jumped 6.4%.
The breakdown by capital city was:
Sydney = 6.1%
Hobart = 6.1%
Canberra = 5.6%
Perth = 5.2%
Melbourne = 5.1%
Darwin = 4.7%
Brisbane = 4.0%
Adelaide = 4.0%
Anthony Landahl | Equilibria Finance
This is for general information purposes only and does not constitute advice. With all of these options there are a number of considerations outside the scope of what is covered in this article that you need to understand to ensure your personal circumstances are taken into consideration.