PROPERTY prices have improved in every capital city with the south and the west once again leading the charge.
The Australian Bureau of Statistics figures reveal across the combined eight capital cities property prices went up by 3.4 per cent for the December quarter.
The latest figures bring the increase for the year to 9.3 per cent.
House prices in Sydney increased by 4.9 per cent in the December quarter, the third quarter in a row that Sydney recorded the largest rise in house prices in Australia.
Perth was the next best performer with its values up 3.5 per cent, followed by Brisbane 3 per cent, Adelaide 2.8 per cent, Darwin 2.7 per cent and Hobart 2.3 per cent.
Canberra recorded the smallest increase of just 0.4 per cent.
Prices for units and apartments also increased in all cities, except Darwin, with Sydney once again the strongest performer with an increase of 4.4 per cent.
Canberra was the only city to record a drop in values for the year.
The ABS data also analysed the total value of residential property in Australia which it put at about $5.02 trillion compared with $4.83 trillion in the September quarter.
The average price of an Australian residential property is now $539,000 up from $496,800 in the previous quarter.
On a state basis the mean price of residential dwellings was highest in New South Wales at $633,200 followed by Western Australia and then the ACT.
Residential property prices yearly change
Sydney — 13.8%
Perth — 8.7%
Melbourne — 7.9%
Brisbane 5.7%
Darwin — 5%
Hobart — 4.9%
Adelaide — 3.4%
Canberra — -0.3%
Article found at: http://www.news.com.au/finance/real-estate/where-property-prices-went-up/story-fncq3era-1226823519272
