Sydney property prices bounce back
However, dwelling values in Perth and Darwin slipped last quarter.
Property prices in Australia's largest city, Sydney, rose modestly in the June quarter, after six consecutive months on a negative trajectory.
The gains were reported by the Australian Bureau of Statistics (ABS) in its latest quarterly capital cities residential property price index.
Sydney house prices rose 3.2% quarter-on-quarter in June, while attached dwellings (apartments, units and semi-detached row and terrace houses) increased 2% over the same period.
This follows two consecutive quarters of price falls for both established and attached dwellings in Sydney.
The June quarter rises were bolstered by increased value in the middle and mid-low segments ($620,000 to $1.5 million) of Sydney's housing market, as well as the middle segment of the attached dwellings market ($470,000 to $1 million).
Prices in most capital cities across Australia enjoyed temperate rises in the June quarter, aside from properties in Darwin and Perth which fell 2.4% and 1.2% respectively.
In terms of annual property price growth, Melbourne posted the greatest gains of 2015/16, with total dwelling values rising 8.2% year-on-year.
Canberra (6%), Hobart (4.9%), Brisbane (4.3%), Sydney (3.6%) and Adelaide (3.5%) also saw annual gains in property prices.
Darwin (-6.5%) and Perth (-4.8%) were the only two cities to post year-on-year losses.
Across all eight capital cities, average house prices rose 2% in the June quarter and 4.1% through the year.
The mean price of residential dwellings in NSW ($799,500) remains the highest across Australia, followed by Victoria ($646,400) and the ACT ($622,900). The lowest mean price is in Tasmania ($320,000).
The total value of Australia's 9.7 million residential dwellings jumped $138.3 billion to more than $6 trillion. The average (mean) property price in Australia is now $623,000.
Despite these increases, home loan rates are lower than we've ever seen before. It's easy to compare rates and providers and secure the best loan possible.
- House prices fall across the nation, led by a 1.2% drop in Sydney
- Non-major lender market share hits all-time high
- Westpac announces Velocity Frequent Flyer offer for home loan borrowers
- You can buy an entire Californian ghost town for the price of a 3 bed house in Sydney
- Renters, 30% of you won’t get your bonds back: Know your rights and protect yourself