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Market Update: Australia Q1 House Price Growth at Over 12 Year-High
The house price index in Australia rose by 5.4 percent quarter-on-quarter in the three months to March of 2021, faster than a 3.0 percent growth in the prior period and compared with market consensus of 5.5 percent. This was the steepest pace of increase in residential property prices since the fourth quarter of 2019, as the economy reopened further from the COVID-19 crisis. All capital cities recorded higher prices: Sydney (6.1 percent vs 3.0 percent in Q4) and Melbourne (5.1 percent vs 3.4 percent), Perth (5.2 percent vs 2.9 percent), Brisbane (4.0 percent vs 2.7 percent), Adelaide (4.0 percent vs 2.6 percent), Canberra (5.6 percent vs 3.4 percent), Hobart (6.1 percent vs 3.1 percent), and Darwin (4.7 percent vs 2.2 percent). Through the year to the first quarter, house prices grew by 7.5 percent. source: Australian Bureau of Statistics [/s2If]
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