Australia recorded the strongest annual growth in property prices on record last year, with Canberra posting the country's second largest price hike.
The latest Residential Property Price Index released by the Australian Bureau of Statistics shows all capital cities recorded an annual rise in dwelling prices to the December quarter of 2021.
Hobart led the growth with a 29.8 per cent rise in prices, followed closely by Canberra with 28.8 per cent growth, Brisbane with 27.8 per cent growth and Sydney, up 26.7 per cent.
Each of the four cities recorded the largest annual rise since the ABS series began in 2003.
Across the combined capitals, property prices rose 23.7 per cent through the year to the December quarter of 2021, also representing the strongest annual growth on record.
There are now almost 10.8 million residential dwellings in Australia, together valued at more than $9.9 trillion by the end of 2021. The figure rose by more than $2 trillion compared to December 2020 figures.
The ABS data revealed the mean price of residential dwellings in Australia was $920,100, up from $876,100 in the third quarter of 2021.
Property prices rose 4.7 per cent for the December quarter of 2021.
Brisbane led the quarterly growth figures, posting a 9.6 per cent increase, followed by Adelaide with a 6.8 per cent rise, Hobart with an increase of 6.5 per cent and Canberra, up 6.4 per cent.
The mean dwelling price in Canberra was $979,600 at the end of 2021, second only to Sydney at $1,207,200.
ABS head of prices statistics Michelle Marquardt said the latest results were consistent with housing market indicators, such as demand for home loans.
"New lending commitments for housing rose to a record high value in the December quarter 2021," she said.
"Days on market fell and sales transaction volumes increased. Record low interest rates and strong demand have continued to support growth in property prices."
Recent CoreLogic data shows Canberra's property prices have continued to grow in the first months of 2022, albeit at a slower rate than in 2021.
The February home value index saw Canberra's median house price hit $1,031,410.
