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
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.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out