Property prices across Australia's eight capital cities have risen by 4.7 per cent over the previous quarter, according to the latest figures from the Australian Bureau of Statistics [ABS].
Brisbane experienced the biggest rise, with property prices in the Queensland capital rising by 9.6 per cent between September and December 2021.
Prices grew by 6.8 per cent in Adelaide, 6.5 per cent in Hobart, and 6.4 per cent in Canberra.
Sydney property prices rose by 4.1 per cent for the quarter, Melbourne by 3.9 per cent, Perth by 2.9 per cent, and Darwin by 1.5 per cent.
Property prices across the eight capital cities have now risen by 23.7 per cent over the last 12 months.
The rise follows price growth of 5 per cent for the September 2021 quarter, and a rise of 6.7 per cent for the quarter before that.
Property prices rising fastest in Brisbane
The 9.6 per cent rise in Brisbane is the biggest quarterly rise in that city since the ABS began its record keeping in 2016.
Prices have now risen by 27.8 per cent in the Queensland capital in the past 12 months.
The ABS said the price rises were most evident in the middle to upper market segments.
The mean dwelling price in Queensland now stands at $749,100.
Big rise in Sydney's mean property price
The mean price of residential dwellings in New South Wales rose by $47,700 to $1,207,200, which was the highest rise in the country.
The second highest mean price was in the ACT at $979,600, followed by Victoria at $956,100.
House prices rose by 32.9 per cent in Sydney over the past 12 months, and the price of attached dwellings rose by 15.5 per cent for the same period.
The mean dwelling price stood at $649,200 for Tasmania, $613,300 for South Australia and Western Australia, and $489,000 for the Northern Territory.
In Melbourne, property prices rose by 20 per cent in the last year.
