Australia’s Q1 House Price Index arrived at +1.6% QoQ vs. +2.7% expected

Dhwani Mehta FXStreet

The Australian Bureau of Statistics (ABS) published the residential property price indexes for eight key cities for the March quarter (Q1) on Tuesday.

Australia’s Q1 House Price Index arrived at +1.6% QoQ vs. +2.7% expected and +3.9% last.

Meanwhile, the Australian Q1 House Price Index rose by 7.4% YoY vs. +2.5% previous.

March Key Points

Capital city Residential Property Price Indexes

"Rose in Sydney (+1.9%), Melbourne (+2.1%), Brisbane (+0.6%), Perth (+0.6%), Hobart (+2.4%), Adelaide (+0.4%), Canberra (+0.2%) and Darwin (+0.7%) this quarter.

Rose in Melbourne (+10.4%), Sydney (+10.0%), Hobart (+7.0%), Canberra (+3.0%), Brisbane (+2.5%) and Adelaide (+0.9%), and fell in Darwin (-3.1%) and Perth (-0.9%), over the last twelve months."

Total value of the dwelling stock

"The total value of residential dwellings in Australia rose $141.6b to $7,237.1b this quarter.

The mean price of residential dwellings rose $10,700 to $690,200.

The number of residential dwellings rose by 43,700 to 10,485,700."

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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