Posted September 16, 2018 09:23:48 In a sign of the booming Australian property market, there has been no shortage of interest in the latest figures from the Australian Bureau of Statistics (ABS).
The ABS said that Australia’s residential property market had risen by 6.2 per cent over the year to September 30, 2018, compared with a 1.9 per cent increase for the economy.
The biggest growth was seen in the inner suburbs of Sydney, with property values up 3.5 per cent to $1.26 billion.
“The residential property markets of Sydney and Melbourne are showing no signs of slowing,” said ABS chief economist John Quiggin.
Sydney and Brisbane’s property prices grew at a faster pace, but prices in the state’s inner suburbs have fallen. “
However, there is a clear pattern emerging in the regional regions that is a sign that the housing market is stabilising.”
Sydney and Brisbane’s property prices grew at a faster pace, but prices in the state’s inner suburbs have fallen.
The median price in the outer-west suburbs of Port Stephens and Glenelg has fallen by nearly 30 per cent in the past 12 months.
In the city of Adelaide, the median property price is now $721,000.
Sydney’s property market has also been buoyed by a booming property market in the suburbs of Central Coast, which saw the median price increase by 8.5 percent to $3.2 million.
The suburbs are home to the world’s second-largest population and a growing proportion of its population, which is also growing.
The growth in the NSW suburbs is largely due to the booming CBD.
While Sydney’s housing market has been growing, there are also signs that it is slowing down.
“While Sydney’s house price growth is slowing, the suburbs are seeing a surge in demand for homes,” Mr Quiggen said.
“Many of these buyers are people who have been looking at the property market for a long time.”
Melbourne’s property growth has slowed significantly over the past few years, but the growth is still significant and may even exceed that in Sydney.
However, Melbourne’s growth has been slower than that of Sydney’s.
“Morningside Heights, for example, is seeing the largest growth in residential property prices, at 10 per cent, while the median house price in that area is $2.1 million,” Mr Keogh said.
In Melbourne, the city’s suburbs have also been hit by strong demand for new homes.
“As Melbourne has been experiencing a boom in housing, the demand for more and more houses is continuing to build,” Mr Deakin said.
“[It’s] a positive sign that we are still in the middle of the building boom.”
The median prices in inner-city Melbourne have also fallen, and the median prices for outer-city suburbs have risen by just under 10 per to $2 million a house.
In Brisbane, the CBD is seeing strong demand in areas like Cairns, while inner-cities are seeing strong growth in property prices.
“We have seen strong growth across inner-urban Brisbane, with the median value of a house increasing by 9 per cent and the property value increasing by 17 per cent,” Mr DiGiulio said.
Sydney has also seen strong demand, with prices increasing by just over 8 per cent a house over the 12 months to September.
However the median Sydney house price is still $1,936,000, which may be below the $2,200,000 the city has seen in recent years.
Melbourne is also seeing an increase in demand in outer-cites, which include parts of Brisbane and Melbourne.
Sydney and Sydney’s inner-town areas are also seeing strong residential property growth.
“This is clearly a positive development in terms of the residential property development and growth,” Mr Zeng said.