The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
2 WEEKS UNTIL OUR UNMISSABLE FLAGSHIP CONFERENCE MORE THAN 550 ALREADY ATTENDING
2 WEEKS UNTIL OUR FLAGSHIP CONFERENCE 550+ ALREADY ATTENDING
REGISTER NOWDETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
5
print
Print
ResidentialTue 16 Jun 20

Sydney, Melbourne Drive House Price Growth

512b86fb-82af-42f3-bc45-1b6349e70de7

Australia’s residential property prices increased 1.6 per cent in the March quarter, led by Sydney and Melbourne, with all capital cities recording a rise in prices, according to the latest figures from the Australian Bureau of Statistics.

House prices rose 2.6 per cent in Sydney and 2.3 per cent in Melbourne, while apartment and townhouse dwelling prices increased 1.5 per cent in Melbourne and 0.8 per cent in Sydney for the March quarter 2020.

ABS chief economist Bruce Hockman said all capital cities recorded a rise in residential property prices prior to pandemic-related restrictions kicking in.

“The majority of restrictions relating to Covid-19 came into effect in late March and did not have a noticeable impact on property prices,” Hockman said.

Hockman added that the mean price of Australia's residential dwellings now sits at $690,200.

Australia’s residential property prices rose 7.4 per cent through the year to March, with rises in all capital cities except Perth, down 0.9 per cent, and Darwin with a drop of 3.1 per cent.

Melbourne property prices increased by 10.4 per cent for the year to March, while Sydney increased by 10 per cent, ABS figures show.

Hobart recorded a 7 per cent increase for the twelve month period, Canberra 3 per cent, and Brisbane recorded a 2.5 per cent rise.

Following the slight 0.4 per cent drop in May for national house prices, Corelogic’s Tim Lawless said Australia’s housing values could come under additional downwards pressure if economic conditions haven’t picked up towards the end of the year.

SQM Research on Tuesday said Australia’s residential rental vacancy rate recorded a slight drop to 2.5 per cent in May, from 2.6 per cent in April, with the total number of vacant residential properties across Australia now at 86,398.

ABS stats show the total value of Australia’s 10.5 million residential dwellings increased to $7,237.1 billion, up $141.6 billion in the March quarter.

ResidentialAustraliaGold CoastBrisbaneMelbournePerthAdelaideCanberrado not useParramattaResearch
ADVERTISEMENT
TOP STORIES
The Port of Brisbane has released its Vision 2060 which details the need for inland rail connectivity
Infrastructure

Brisbane Port’s $15bn Future Faces One Big Obstacle

Renee McKeown
5 Min
Freecity Rouse Hill triple towers 2 Tempus Street
Exclusive

Freecity Takes Covers Off $330m Triple Towers in Sydney’s North-West

Leon Della Bosca
5 Min
Parallel Workshops Stockdale Housing PBSA project
Exclusive

Suburban Success Story Turns PBSA Thinking on its Head

Leon Della Bosca
7 Min
Exclusive

Interstate Developers Find Lots to Love in ‘Progressive, Affordable’ SA

Taryn Paris
5 Min
Bates Smart Richmond Sportslink HERO
Exclusive

BtR Focus Drives Bates Smart’s Richmond Sportslink Concept

Leon Della Bosca
6 Min
View All >
Industrial

Inland Rail: Site at Rural Hub Comes to Market in Victoria

Lindsay Saunders
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
Without the $135.98-million injection it is claimed the Logan City Council would have had to stop approving new housing …
LATEST
Industrial

Inland Rail: Site at Rural Hub Comes to Market in Victoria

Lindsay Saunders
2 Min
Stockland's Triniti HERO
Build-to-Rent

Stockland $400m North Ryde BtR Approved on Appeal

Leon Della Bosca
3 Min
Logan Wastewater Funding hero
Infrastructure

Flush of Funding to Deliver 20,000 New SEQ Homes

Phil Bartsch
3 Min
Residential

Home Affordability Gap Widens Across Asia-Pacific

Lindsay Saunders
3 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/sydney-melbourne-drive-house-price-growth-abs