While the average price for a residential dwelling nationally rose $52,600 to $835,700 in the June quarter, Brisbane’s average was $650,000 and rose by $40,000 in the quarter. The Queensland average was slightly less at $631,000.

As well, a separate report from Ray White has listed Pelican Waters, on the Sunshine Coast, as one of the newest entrants in the list of suburbs where the median price was $1 million.

The Ray White report also showed that since the start of the pandemic residential prices had jumped by $211,000 on the Sunshine Coast, $181,000 on the Gold Coast, $78,000 in Wide Bay, $69,000 in the Outback, $55,000 in Toowoomba, $54,000 in Cairns, $48,000 in Mackay and $29,000 in Townsville.

The increase in the wealth of Australian home owners has been remarkable. The ABS estimated the total value of residential dwellings in Australia in the June quarter was $8.9 trillion, up $596.4 billion from $8.3 trillion in the March quarter 2021. This is the largest rise on record for the series.

The ABS said all capital cities recorded a rise in residential property prices in the June quarter 2021. Both Canberra and Sydney rose at more than 8 per cent, Hobart was up 6.3 per cent and Melbourne at 6.1 per cent.

Brisbane’s 5.7 per cent increase was ahead of Adelaide, Perth and Darwin.

ABS head of prices statistics Michelle Marquardt said the continued growth in property prices was occurring at a time of record low interest rates. 

“Persistently low levels of stock on the market were being met with strong demand and properties transacting at an increasingly rapid rate,’’ she said.

“With the exception of Hobart and Darwin, capital cities continued to see house price rises outpace those of attached dwellings such as apartments and units, with price growth for both property types being driven by the upper segments of the market.’’

The mean price of residential dwellings in NSW was $1,093,100.