Sydney property prices skyrocket

Sydney property prices skyrocket

Sydney property prices skyrocket
13 August 2014 by Nick Bendel 0 comments

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.

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.”

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?