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The house price index in Australia rose by 6.7% qoq in Q2 2021, faster than a 5.4% growth in Q1 and above market consensus of 6%. This was the steepest pace of increase in residential property prices since the series began in Q3 2003, amid a record low of interest rates and as the most recent COVID-19 shutdown in Sydney did not have a noticeable impact. All capital cities recorded higher prices: Canberra (8.2% vs 5.6% in Q1) posted the largest quarterly rise since the start of the series, Sydney (8.1% vs 6.1%) saw the biggest gain since Q2 2015 and the second largest in the series, Hobart (6.3% vs 6.1%) had the steepest rise since Q4 2003, Melbourne (6.1% vs 5.1%) reported the fastest growth since Q4 2009, Brisbane (5.7% vs 4%) gained the most since Q2 2007, and Adelaide (5.3% vs 4%) rose at the strongest rate since Q4 2007. Through the year to the Q2 quarter, house prices jumped 16.8%.