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Property prices continue to hit record levels with the value of capital city homes increasing 23.7% in the past year.
Australian Bureau of Statistics (ABS) figures show property values experienced their biggest annual increase in value since it began keeping records in 2003.
It was the smaller capital cities which performed the best in the past year with Hobart recording the highest property price growth of 29.8%, followed by Canberra 28.8% and Brisbane 27.8%.
Sydney values increased 26.7%, Adelaide 23.9% and Melbourne 20%.
Perth values increased by 15.7% and Darwin 13%.
ABS Head of Price Statistics Michelle Marquardt says freestanding house prices rose by 27.5% while unit values rose by 14%.
At the same time days on market fell and transaction numbers increased.
Marquardt says record low interest rates and strong demand have helped to drive up property prices.
The total value of Australia’s residential property market increased by $512.6 billion to $9901.6 billion in the December quarter 2021.
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