Double-digit rates for Sydneysiders

Double-digit rates for Sydneysiders

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Sydney continues to be the runaway leader for property price growth, new research has revealed.

According to new RP Data statistics, Sydney property prices increased by 14.3 per cent during the 12 months to 30 September 2014.

Melbourne placed second with an increase of 8.1 per cent, followed by Darwin with 7.1 per cent and Brisbane with 6.4 per cent.

The other four capitals also reported growth, with Adelaide up 5.8 per cent, Hobart up 4.6 per cent, Perth up 3.2 per cent and Canberra up 1.7 per cent.

Australia’s eight capital cities grew by an average of 9.3 per cent during the year, compared to a growth rate of 3.3 per cent in the rest of the country.

RP Data’s head of research, Tim Lawless, said a greater number of real estate listings are now entering the property market as the weather improves.

Mr Lawless said the big test for the market would be whether additional stock is absorbed by an increase in buyer numbers.

“The annual rate of appreciation in dwelling values has actually been moderating since reaching a peak in April this year,” he said.

“The fact the annual trend of capital growth has been trending lower is an important factor to note because it highlights that the rate of capital gain is no longer accelerating.”

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