Part 1 - Market steadier in summer
The total value of dwelling stock increased only marginally to $5.9 trillion in the December quarter, rising by $482 billion or +8.9 per cent over the calendar year. This was broadly in line with capital city dwelling price growth of +8.7 per cent, plus a bit more reflecting the value of the new supply of new dwellings.
The total value of dwelling stock has increased by a third or $1.5 trillion since December 2011, now tallying 3.5 times the size of nominal GDP.
While Sydney showed the expected moderate final quarter correction and Darwin prices tumbled, Perth saw its prices increase by +0.5 per cent leading a number of commentators to call the bottom on Perth's market cycle and to project moderate gains for 2016.
Melbourne prices rose by +1.6 per cent to record strong growth of +9.6 per cent for the year, second only to another immense calendar year for Sydney at +13.9 per cent.
Canberra went on a tear with prices leaping by +2.8 per cent in the December quarter (for +6 per cent growth in 2015). while Hobart prices also spiked by +2.5 per cent for an annual result of +3.5 per cent, mirroring more timely reports from other private sector data providers.
This data series is most instructive in depicting just how far Sydney and Melbourne house price growth has outpaced that of its respective regional market counterparts.
- Sydney up from $365,000 to $910,000
- Melbourne up from $241,000 to $621,000
- Brisbane up from $185,000 to $499,800
Part 3 - Supply response mixed
Of the most populous states Western Australia (+8.9 per cent) and Victoria (+7.8 per cent) have co-ordinated the most material supply response as a percentage of established dwellings. However, the percentage increases in Queensland (+6.8 per cent) and in particular New South Wales (+4.6 per cent) have been less marked, reflected in their respective shallower gradients in the below chart.