Old houses beat new in Australia22 December 2015 by News Desk
Older-style houses in Australia have risen faster in value than newer homes, according to the Australian Bureau of Statistics.
Older (Established) house prices rose by +2.2% in the third quarter of 2015 to be 11.4% higher over the past 12 months, while attached dwellings rose by 1.4% to be 8.7 % higher over the year. Over the past 12 years established house prices have been rising by an average 5.6% per year, compared to attached dwellings which have been increasing in value at 4.8% per year.
The biggest growth in value over the past year have been established houses in Sydney – rising by 21.9% – and attached dwellings in Sydney, which have risen by 15.8%.
Established house prices in Melbourne have risen by 11.5% in 2015, while average attached dwellings in Melbourne have increased in value by 4.5%.
Average property prices in Brisbane have increased by 3.8%, in Canberra by 4%, Adelaide by 3.5% and Hobart by 1.7%. Darwin, meanwhile, has seen a 2% fall in house prices.
Over the past three years the total value of housing stock in Australia has risen by $1.42 trillion. Total value of all homes in Australia is now $5.86 trillion.
The vast majority (90%) of these increases have been driven by housing markets in New South Wales which has increased by $756 billion, Victoria ($390 billion) and Queensland ($131 billion). Remaining states and territories account for the remaining $141 billion increase.
Over the past three years average house prices have increased in New South Wales – rising by $236,000 – and in Victoria by $133,000.
Australia has witnessed a major housing boom in recent years with hundreds of thousands of new homes coming onto the market.
Over the past four years, the Australian Capital Territory has seen a 10.9% rise in the number of new homes and the Northern Territory has seen an increase of 10.1%. Western Australia has seen a rise of 8.6% in the number of new homes and Victoria has seen a 7.9% rise. The number of homes in New South Wales has increased by 4.4% over the past four years, according to the ABS Residential Property Price Index.