Canberra records highest annual house price growth in the country: ABS

The latest Australian Bureau of Statistics data found Canberra property prices grew 5.6 per cent in the March quarter and had the highest annual increase of 10.9 per cent.

Across the border, the average price for a residential dwelling in NSW surpassed $1 million, which is the first time that milestone had been recorded in any jurisdiction.

Hobart and Perth trailed the ACT in growth over the year with 10.2 per cent and 9 per cent respectively.

Nationally, residential property prices rose 5.4 per cent in the March quarter, which was the the strongest quarterly growth since the December quarter in 2009, according to the ABS.

There was a 7.5 per cent increase in property prices over the year.

"The total value of residential dwellings in Australia surpassed $8 trillion for the first time," ABS head of price statistics Michelle Marquardt said.

"NSW accounted for approximately 40 per cent or $3.3 trillion of Australia's total value of dwellings. The average price of residential dwellings in NSW rose to $1.01 million.

"This was the first time any state or territory had seen the average price of dwellings rise above $1 million."

House prices in the ACT have soared through the pandemic, and suburb sale records continue to be regularly broken.

The latest Domain house price report put the ACT's median house price at $927,577, up 9.7 per cent from the previous quarter.

"Results this quarter were consistent with housing market conditions. Strong demand for housing was supported by record low interest rates, government initiatives, and rising consumer confidence," Ms Marquardt said.

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"Price rises were observed in all segments of the housing market with growth in house prices continuing to outpace price growth in attached dwellings."

Over the March quarter, Sydney led the pack with a 6.1 per cent price increase, which was matched by Hobart.

Every other capital city trailed the ACT with a 5.2 per cent rise in Perth, 5.1 per cent in Melbourne, 4.7 per cent in Darwin and 4 per cent in Brisbane and Adelaide.

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