House prices across the country had their biggest quarterly increase in more than a decade through the first three months of 2021.
Data from the Australian Bureau of Statistics out this morning showed residential property prices jumped by 5.4 per cent, the biggest quarterly lift since the December quarter of 2009.
All cities reported an increase, led by Sydney (up by 6.1 per cent). Canberra prices jumped by 5.6 per cent, they were up by 5.2 per cent in Perth while in Melbourne they increased by 5.1 per cent. Adelaide and Brisbane prices rose by 4 per cent while they lifted by 4.7 per cent in Darwin.
The total value of the nation’s 10.6 million residential dwellings increased by $449.9 billion to $8.3 trillion. It is the single largest quarterly rise on record, and lifting the average price of a residential dwelling across the country to an all-time high of $779,000.