Sydney and Melbourne residential property prices recorded strong growth in the September quarter 2019.
Property prices in Sydney and Melbourne rose 3.6 per cent in the three months to September 30 while House prices in Hobart rose 1.3 per cent.
Nationally, the residential property prices rose 2.4 per cent in the September quarter 2019, the strongest quarterly growth since the December quarter 2016, according to figures released by the Australian Bureau of Statistics.
Residential property prices fell 3.7 per cent in the year to the September quarter 2019, with all capital cities except Hobart recording falls. This is a noticeable improvement on the 7.4 per cent annual fall in the June quarter 2019.
ABS Chief Economist Bruce Hockman said, "The increase in property prices is in line with housing market indicators, particularly in Sydney and Melbourne. New lending commitments to households, auction clearance rates and sales transactions all improved during the September quarter."
