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Sydney is Australia's fastest growing property market: survey

Xinhua, February 3, 2015 Adjust font size:

Sydney became Australia's strongest property market with the median dwelling price reaching 723,000 Australian dollars (564,000 U.S. dollars) at the end of January, representing an annual growth of 13 percent, according to a survey released on Tuesday.

The CoreLogic RP Data report said the median price for Melbourne homes rose 7 percent to 561,000 Australian dollars (437, 000 U.S. dollars), with houses up 7.5 percent and units up 2.7 percent.

Brisbane prices moved up 4.6 percent to 458,000 Australian dollars (357,340 U.S. dollars), with house values rising 5.1 percent and unit values rising 0.3 percent.

The median price for an Adelaide property rose 3.1 percent, Hobart's home values were up 3.8 percent, Perth prices climbed 2.6 percent, Darwin reported a 1.4 percent increase, while Canberra home prices fell 0.3 percent, according to the survey.

Since the 2009 global financial crisis, Sydney and Melbourne property markets have experienced great gains with median price gains of 57 percent and 50 percent respectively. They have been followed by Darwin on 24 percent, Canberra on 18 percent, Perth on 17 percent, Adelaide on 10 percent and Brisbane on 9 percent. Endi