Residential property prices are continuing to rise with the east coast leading the charge
- AUGUST 12, 2014
RESIDENTIAL property prices are still increasing with values now hitting $5.2 trillion.
According to the latest figures from the Australian Bureau of Statistics property prices were up nationally in the June quarter across all capital cities by 1.8 per.
Sydney continued to push ahead with its values up by 3.1 per cent during the quarter.
Brisbane’s increase was exactly in line with the national average of 1.8 per cent while Melbourne was close behind with values up 1.3 per cent.
According to Robin Ashburn from the ABS, established house prices increased by 3.1 per cent in Sydney while unit prices performed better recording a 3.2 per cent increase.
Nationally unit prices increased more than the house market with unit values up 1.9 per cent and houses up 1.7 per cent.
All other capitals except Perth recorded an increase in residential values during the June quarter.
In Adelaide values were up 1 per cent, Canberra 0.8 per cent, Darwin 0.7 per cent and Hobart 0.3 per cent.
Perth values dropped by a marginal 0.2 per cent.
Ms Ashburn said the increase in prices bought the total value of dwellings to $5.2 trillion in the June quarter.
That’s an increase of almost half a trillion dollars since the same time last year.