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

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."

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