Sydney keeps driving national growth

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While nobody can agree on whether there is or isn’t a property bubble in Sydney, prices in the harbour city are continuing to rise.

Figures in the Australian Bureau of Statistics’ (ABS) latest Residential Property Price Index (RPPI) show Sydney easily saw the largest increase in prices over the March quarter and was the driving price behind a rise in the weighted capital city RPPI.

According to the ABS figures, Sydney’s RPPI rose 3.1% in the March quarter 2015 and 13.1% in the previous year.

Established house prices for Sydney rose 3.8% and attached dwelling prices rose 2.2% over the quarter.

Canberra had the second largest RPPI increase over the quarter, up 1.1%, while Melbourne, Brisbane Hobart and Adelaide all saw smaller increases of between 0.4% and 0.7%.

The RPPI fell in Darwin and Perth by 0.2% and 0.1% respectively.

The RPPI for the weighted average of the eight capital cities rose 1.6% in the March quarter 2015 and 6.9% in the previous year.

The total value of Australia's 9.5 million residential dwellings increased to $5.5 trillion.

The mean price of dwellings in Australia is now $576,100, an increase of $8,400 over the quarter. 

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