Australian capital city house prices, unsurprisingly, continued to push higher in the March quarter.
According to the ABS’ latest residential property index prices increased 1.6% in the three months to March on an average-weighted basis. The figure was lower than both the 1.9% increase seen in the December quarter of 2014 and expectations for a gain of 2.0%. Prices increased 6.9% from a year earlier.
From a city-specific basis Sydney recorded the largest quarterly increase at 3.1%. Elsewhere the gains were far more muted with prices in Melbourne, Brisbane, Adelaide, Hobart and Canberra logging increases of 0.6%, 0.4%, 0.7%, 0.5% and 1.1% respectively. Prices in Perth and Darwin, those cities most aligned with the fortunes of the mining sector, registered falls of 0.1% and 0.2% respectively.
On an annualised basis Sydney topped the list of highest house price appreciation at 13.1%. Melbourne, at 4.7%, registered the second largest increase. Prices in Perth and Darwin fell 0.3% and 0.4% respectively.
The individual performance of each capital city, both from a quarterly and annual perspective, can be seen in the table below.
The total value of housing stock nationally jumped to $5.468 trillion, a record high.