Average Aussie home price jumps to $959,000 say the ABS

The average price of residential homes across Australia rose by $14,300 to $959,300 in the March quarter, according to the latest figures from the Australian Bureau of Statistics (ABS).

Sydney continues to lead the country on price with its average steadily increasing over the past nine months to its current level of $1.2m, as per the ABS.

Indeed most capitals have seen property price increases over the same period and yet only the ACT comes close to Sydney with an average price tag of $959,000 over the March quarter.

Perhaps of more importance to prospective home buyers and investors is that both Perth and Brisbane lead the nation on capital growth . For example, Perth prices are up 22% to a median of $736,650 in the year to June, while Brisbane prices are up 16% $843,230, according to Corelogic.

Price growth in these two cities has also been stronger than in all other capitals over the quarter to June with the exception of Adelaide, Corelogic data shows.

Adelaide homes have been in demand. Prices there are up 14% in the year to June to a median of $757,450, though are notably up 4% in the last quarter in a very tight selling market with fewer homes available compared to other cities.

Even in a tougher economy property investment continues to lure many Australians, with the total value of residential dwellings in the country having risen by $209.4 billion to $10.7 trillion in the first three months of the year, as per the ABS.

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