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The growth of residential property prices across the country has been slowing down, according to the latest figures from the Australian Bureau of Statistics.
Annual price growth through the year to December 2017 stood at 5%, as growth eased in the September (8.3%) and June (10.2%) quarters.
"The results are in line with market indicators like falling auction clearance rates, and point to a continued moderation in annual property price growth across a number of Australia's capital cities" ABS Chief Economist Bruce Hockman said.
Growth in Sydney slowed significantly in December to (3.8%), from the previous quarter’s 9.4%. "The property price result of 3.8 per cent in Sydney can be partly explained by tighter regulatory conditions and the resulting slowdown in investor credit growth,” Hockman said.
Among other capital cities, Hobart saw the strongest rise in the December quarter at 13.1%, followed by Melbourne (+10.2%), and Canberra (+5.7%). Meanwhile, prices fell in Darwin (-6.3%) and Perth (-1.7%).
The total value of Australia's 10 million residential dwellings increased $92.9bn to $6.9trn, with the average price at $686,700.
