Housing slowing

Stock nears $7 trillion

AUSTRALIA’S housing market is slowing after years of growth, but the value of it 10 million homes is nearing $7 trillion, taking the average home price to $686,700.

Residential property prices in the eight capital cities rose 5 per cent in the year to December, slower than the 8.3 per cent annual growth rate achieved three months earlier, according to the Australian Bureau of Statistics.

The value of the 10 million dwellings rose $92.9 billion to $6.9 trillion, after passing the $6 trillion mark in June 2016.

“The results are in line with market indicators like falling auction clearance rates, and point to a continued moderation in annual property price growth across a number of Australia’s capital cities,” ABS chief economist Bruce Hockman said.

Sydney property prices fell 0.1 per cent In the December quarter, Melbourne prices rose 2.6 per cent, Brisbane gained 0.9 per cent, Adelaide added 0.6 per cent, Perth rose 1.1 per cent, Hobart lifted 3.9 per cent, Darwin fell 1.5 per cent, and Canberra rose 1.7 per cent.

In the year to December, property price growth was strongest in Hobart (13.1 per cent), followed by Melbourne (10.2 per cent) and Canberra (5.7 per cent). Sydney prices rose 3.8 per cent, reflecting tighter regulatory conditions. Adelaide had a gain of 3.6 per cent, and Brisbane rose 2.1 per cent. Darwin recorded the biggest fall at 6.3 per cent, and Perth prices fell 1.7 per cent.