Stock value up in Q3
The ABS Residential Property Price Indexes reported that the value of Australia's dwelling stock increased steadily by +$251 billion or +4.3 per cent over the year to September 2016.
The stock value has increased by $1.74 trillion or +39.3 per cent over the past half decade to $6.2 trillion, almost precisely the opposite of the most assured of gloomy forecasts at that time, which were for a 40 per cent decline!
Nationally home values increased by +1.5 per cent in the quarter to be +3.5 per cent higher than a year ago, with gains seen in all of the main cities outside the resources capitals.
This is the slowest annual gain in over three years, with Sydney leading the quarterly price gains at +2.9 per cent for houses and +2.1 per cent for attached dwellings.
A year ago, the pace of growth had been as high as +10.7 per cent.
Over the past year Melbourne recorded the fastest pace of home value growth at +6.9 per cent, with the Tasmanian capital city of Hobart not far behind.
Indeed, at the capital city level detached house prices outpaced attached dwellings, reflective of the new apartment supply that is coming online.
State versus state
Over the past five years the value of the dwelling stock has increased by $1.74 trillion, led by New South Wales (+941 billion), Victoria (+464 billion), and Queensland (+$174 billion).
The mean dwelling price increased over the past year in New South Wales by +$36,700 to an all-comers record high of $822,100, and by +$25,500 in Victoria to a record $651,600.
Finally, the increase in the number of dwellings in each state suggests that Melbourne has comparatively built a good deal more than Sydney has over the past five years, with the total dwelling stock in Victoria swelling by +10.1 per cent.