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Financial News: Australia Q1 House Prices Climb 2.2% On Quarter

Australia Q1 House Prices Climb 2.2% On Quarter

06/19/2017 - 22:16:00 (RTTNews)

(RTTNews) - House prices in Australia advanced 2.2 percent on quarter in the first three months of 2017, the Australian Bureau of Statistics said on Tuesday.

That was in line with expectations and down from 4.1 percent in the previous three months.

The capital city residential property price indexes rose in Sydney (+3.0 percent), Melbourne (+3.1 percent), Adelaide (+1.5 percent), Canberra (+2.8 percent) and Hobart (+3.4 percent) and fell in Perth (-1.0 percent) and Darwin (-0.9 percent). Brisbane was flat (0.0 percent).

On a yearly basis, house prices jumped 10.2 percent - beating forecasts for 8.9 percent and up from 7.7 percent in the three months prior.

Annually, residential property prices rose in Sydney (+14.4 percent), Melbourne (+13.4 percent), Hobart (+11.3 percent), Canberra (+8.9 percent), Adelaide (+5.0 percent) and Brisbane (+3.5 percent) and fell in Darwin (-5.9 percent) and Perth (-3.5 percent).

The total value of residential dwellings in Australia was A$6.602 trillion at the end of the first quarter, rising A$163.122 billion over the quarter.

The mean price of residential dwellings rose A$13,900 to A$669,700 and the number of residential dwellings rose by 39,800 to 9,858,400 in the quarter.

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