Australia's property market has recorded the most important 12-month bounce in historical past, lifting the typical value of residential dwellings to simply shy of $1 million.
New information from the Australian Bureau of Statistics (ABS) reveals within the 12 months to December, residential property costs rose 23.7 per cent – the strongest annual progress ever recorded.
The imply value of residential dwellings in Australia now stands at $920,100, up from $876,100 within the September quarter.
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The overall worth of Australia's 10.8 million residential dwellings now stands at $9.9 trillion, having risen by a wallet-busting $512.6 billion in simply three months.
ABS Head of Costs Statistics Michelle Marquardt mentioned homes continued to outstrip connected dwellings, which embody flats, models, terrace homes and semi-detached properties.
"Home value progress continues to outpace value progress for connected dwellings," Ms Marquardt mentioned.
"Home costs rose 27.5 per cent via the yr, whereas costs of connected dwellings rose 14.0 per cent.
"Outcomes had been per a variety of housing market indicators.
"New lending commitments for housing rose to a document excessive worth within the December quarter 2021.
"Days on market fell and gross sales transaction volumes elevated.
"Document low rates of interest and robust demand have continued to help progress in property costs."
All capital cities recorded an annual rise in residential property costs, however Hobart was the clear standout with costs skyrocketing by 29.8 per cent.
It was carefully adopted by Canberra (up 28.8 per cent), Brisbane (up 27.8 per cent), Sydney (up 26.7 per cent) and Adelaide (up 23.9 per cent).
Darwin recorded the smallest annual rise of any capital metropolis, with costs lifting 13 per cent over the previous 12 months.
Whereas the ABS information data costs to the top of the December quarter, there are already indicators that the headwinds of looming rate of interest rises and the restricted provide of latest dwellings are weighing on costs.
"The slower progress circumstances in Australian housing values goes nicely past the rising expectation of rate of interest hikes later this yr," CoreLogic's director of analysis Tim Lawless wrote.
"The tempo of progress in housing values began to ease in April final yr, when fixed-term mortgage charges started to face upwards strain, fiscal help was expiring and housing affordability was turning into extra stretched.
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"With rising world uncertainty and the potential for weaker client sentiment amidst tighter financial coverage settings, the draw back threat for housing markets has turn out to be extra pronounced in current months."