Red-hot property market sets new record
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.
At the same time, national property prices rose 5.4% – the fastest rate of growth since the December 2009 quarter. 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%