BRISBANE property prices grew at a faster rate than Sydney last quarter, official data out today has found.
The Residential Property Price Index (RPPI) for Brisbane grew 0.7 per cent in the September quarter — trailing only Hobart (3.4 per cent) and Melbourne (1.1 per cent) growth in the three month period.
The only other capital to see growth in the quarter was Adelaide (0.7 per cent), with all others posting negatives: Sydney (-1.4 per cent), Perth (-1 per cent), Darwin (-2.6 per cent) and Canberra (-0.2 per cent).
Latest Australian Bureau of Statistics figures showed Sydney has hit a -1.4 per cent price slump after five quarters of positive growth, with its houses down 1.3 per cent and units down 1.4 per cent.
Australian homes hit a massive $6.779 trillion at the end of the September quarter, up $14.843b over the three month period, according to ABS.
“The mean price of residential dwellings fell $1,200 to $681,100 and the number of residential dwellings rose by 40,200 to 9,954,100 in the September quarter 2017.”
Hobart had the biggest annual rise over the year to September (13.8 per cent), which saw the weighted average of the eight capital cities rise 8.3 per cent through the year to the September quarter 2017.
Brisbane had the lowest annual growth for the year to September (3.5 per cent). Melbourne saw 13.2 per cent annually, Sydney 9.4 per cent, Canberra 6.9 per cent and Adelaide 4.8 per cent, while Darwin (-6.3 per cent) and Perth (-2.4 per cent) went backwards.
Foster, S. (12 Dec 2017) Brisbane property price growth higher than Syndey last quarter. Retrieved from realestate.com.au