The Urban Developer
AdvertiseEventsWebinarsUrbanity
Industry Excellence
Urban Leader
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
A one-day deep dive on office, retail, healthcare, childcare and alternative sectors
UPCOMING | COMMERCIAL REAL ESTATE SUMMIT
LEARN MOREDETAILS
On Demand

Fireside Chat | Inside GemLife With Adrian Puljich

Building Australia's Newest Airport: Multiplex

The Makers Of The Mondrian | Design, Vision And Delivery Behind One Of Australia’s Most Anticipated Luxury Hotels

Next Gen Now | How Emerging Developers Are Redefining The Game

View All >
Latest News
Office

Off-Market Newstead Site Deal Breaks Land Rate Record

Taryn Paris
2 Min
The Urban Developer Industrial and Logistics Summit 2025
Exclusive

Keeping the Lights On: Growing Pains Jeopardise Industrial Boom

Vanessa Croll
8 Min
Finance

Coposit Expands to WA with Linic Group Partnership

Partner Content
5 Min
Office

Historic Midland Workshops Site Listed for Sale

Lindsay Saunders
2 Min
View All >
Events
Lunch

Women’s Leadership Lunch

Summit

Commercial Real Estate Summit

Summit

Urban Leader Awards

One-Day Course

Property Development Masterclass Series

View All >
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
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
TOP STORIES
The Urban Developer Industrial and Logistics Summit 2025
Exclusive

Keeping the Lights On: Growing Pains Jeopardise Industrial Boom

Vanessa Croll
8 Min
Exclusive

What’s Driving Pro-invest Push into ‘Underserved’ Micro-Apartments

Taryn Paris
6 Min
Sud-slingers are back in action in 2025, with the Sydney market recovering after years of disruption.
Exclusive

Sydney Pub Market Rebounds After Post-Covid Lows

Patrick Lau
5 Min
Gelephu Mindfulness City: Bhutan how a city of the future is planned
Exclusive

Bhutan’s Mindfulness Masterplan Resetting How Cities Work

Renee McKeown
8 Min
Long Bay Correctional hero
Exclusive

Time to Rethink: Fresh Bid to Unlock Prison’s Prime Site for Homes

Clare Burnett
7 Min
View All >
Article originally posted at: https://www.theurbandeveloper.com/articles/sydney-melbourne-drive-house-price-growth-abs