Figures recently released by the Australian Bureau of Statistics show a significant variation in annual dwelling price growth across the eight capital cities.
According to the ABS, annual growth in the weighted average residential property price increased to 10.7 per cent in the September 2015 quarter.
Furthermore, dwelling price growth during the 12 months to September was strongest in Sydney (up 19.9 per cent), followed by Melbourne (up 9.9 per cent), Canberra (up 4.0 per cent), Brisbane (up 3.8 per cent), Adelaide (up 3.5 per cent) and Hobart (up 1.7 per cent).
Perth and Darwin were the only capital cities to experience a decline in dwelling prices over the period – down 3.3 per cent and 2.0 per cent respectively.
Housing Industry Association economist Diwa Hopkins said the figures illustrate very different economic and housing conditions underlying the different capital cities.
“Other less dated measures of dwelling prices show that wide variation in dwelling price growth continued into November this year,” she said.
“The rate of growth in Sydney, however, has decelerated noticeably. We expect to see this deceleration to similarly emerge in ABS data for the December 2015 quarter.”
[Related: Calmer property market predicted for 2016]