Australia’s housing market is now valued at $6.87 trillion, according to the Australian Bureau of Statistics.
The ABS house price index found that the average Australian residential property prices increased by 1 per cent in the three months to December, gaining almost $93 billion. The average home price in Australia is now $686,700.
Despite this record number, the market is finally slowing down after years of growth. The national annual average gain of residential property prices in eight capital cities now stands at 5 per cent, down from 10.2 per cent rise in the year to June.
In the year to December 2017, Sydney property prices grew 3.8 per cent while Canberra rose 5.7 per cent, Melbourne 10.2 per cent and Hobart 13.1 per cent. The only capital experiencing decline was Darwin with 6.3 per cent year-on-year fall.