Powered by MOMENTUM MEDIA
realestatebusiness logo

Breaking news and updates daily. Subscribe to our Newsletter!

Home of the REB Top 100 Agents
Breaking news and updates daily. Subscribe to our newsletter

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

Sydney property prices skyrocket

By Nick Bendel
13 August 2014 | 1 minute read
Sydney property prices skyrocket

Sydney property prices have raised the national average to such an extent that every other capital city has recorded below-average growth.

Prices in Australia’s eight capitals grew by an average of 10.1 per cent during 2013/2014, according to new data from the Australian Bureau of Statistics.

Sydney led the way with 15.6 per cent growth, while Melbourne, the next best performer, came in under the national average with 9.3 per cent growth.

Advertisement
Advertisement

Brisbane grew by 6.8 per cent, Adelaide by 5.6 per cent and Hobart by 4.3 per cent.

The data also showed price growth of 3.6 per cent for Perth, 3.4 per cent for Darwin and 2.2 per cent for Canberra.

Capital city prices increased by an average of 1.8 per cent during April, May and June.

Sydney led the way with 3.1 per cent growth, followed by Brisbane with 1.8 per cent, Melbourne with 1.3 per cent and Adelaide with 1.0 per cent.

There were also quarterly gains of 0.8 per cent for Canberra, 0.7 per cent for Darwin and 0.3 per cent for Hobart.

Perth was the only state to go backwards, with prices falling 0.2 per cent during the quarter.

Housing Industry Association economist Diwa Hopkins said while it was too early to call it a trend, the signs are mounting that price growth is easing back to a more sustainable pace.

“Annual growth reached what looks to be a cyclical peak rate of 10.9 per cent in the March 2014 quarter,” said Ms Hopkins.

“Steady and sustainable price growth reinforces confidence in the market and is a key ingredient to achieving healthy levels of new home building activity.”

Sydney property prices skyrocket
money arrows
lawyersweekly logo

Tags:

ABOUT THE AUTHOR


Listen to other installment of the Real Estate Business Podcast
Do you have an industry update?

top suburbs

12 month growth
Travancore
49.78%
Timboon
49.57%
Dolphin Point
49.51%
Nyah West
49.42%
Preston Beach
49.29%
Newington
48.97%
Killcare Heights
48.89%
Wundowie
48.77%
Homebush
48.44%
Glenside
48.28%
SEE AREA REPORTS ON SMART PROPERTY INVESTMENT WEBSITE
Subscribe to Newsletter

Ensure you never miss an issue of the Real Estate Business Bulletin.
Enter your email to receive the latest real estate advice and tools to help you sell.