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Property prices across Australia

22 March 2016 by News Desk

Property prices in the Australian capital rose 2.8 per cent in the December quarter compared to the national average of 0.2 per cent.

Property pricesProperty prices in Canberra surged ahead for most of 2015. Prices in the September and June quarters rose 1.3 per cent and 0.8 per cent respectively.

But the city is placed third behind Sydney and Melbourne for annual growth of property prices.

Over the whole year Canberra saw house price growth of six per cent compared to Sydney (13.9 per cent) and Melbourne (9.6 per cent).

Average property prices are highest in New South Wales at $771,900. Homes in Victoria are second most expensive with an average of $627,600. Property prices in Canberra and the Australian Capital Territory are the third highest at an average of $623,900.

Across the country as a whole, the average price of Australian residential property was $612,100 over the course of 2015.

The property market in Melbourne is slowing down with prices rising by just 1.6 per cent in December 2015.

But there has been a rise in the number of properties sold at auction in the city. Last week around 1,800 properties were auctioned with 72.3 per cent sold. This compares to the previous week when only 420 properties were auctioned and only 68.6 per cent were sold.

Sydney recorded a fall in house prices for the first time in three years with property values dropping by 1.6 per cent in December 2015, according to the Australian Bureau of Statistics.

The number of properties listed for sale by auction in the city is rising after a slow new year period – 1,103 last week compared to 680 the previous week. But the number of properties sold in down around 10% compared to the same week in 2015.

Sydney’s average weekly auction price is currently $1,169,500, according to APM.

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