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Australian property prices on the rise, approaching $7 trillion

Australian property prices on the rise, approaching $7 trillion

Despite slowing conditions in Sydney, Australian residential property prices have risen across the country, bringing the total value to nearly $7 trillion.

The Australian Bureau of Statistics (ABS) have released December 2017 figures showing changes to residential property prices.

From the September – December 2017 quarter, the weighted average of eight capital cities rose 1 per cent. In the 12 months leading to December 2017, these figures rose 5 per cent.

Hobart has seen the highest increase in the 12 months leading to December 2017, rising 13.1 per cent. This was followed by Melbourne at 10.2 per cent.

Darwin and Perth were the only capital cities to record negative percentage changes in the 12 months leading to December 2017, with Darwin falling 6.3 per cent, and Perth by 1.7 per cent.

Hobart again saw the highest growth (3.9 per cent) for the quarter, followed by Melbourne (2.6 per cent).

The total value of residential dwellings in Australia was over $6.8 trillion at the end of the December quarter 2017, rising nearly $93 million over the quarter.

What is happening to the Sydney housing market?

From September to December 2017, Sydney recorded a loss of 0.1 per cent for residential property prices.

This fall reflected slowing market conditions for the capital, particularly when you compare this figure to September – December 2016 figures, which saw an increase of 5.2 per cent for Sydney.

The December 2015 – December 2016 figures also showed a stark difference to today’s release, growing by 10.3 percentage points. The latest figures for December 2016 – December 2017 saw Sydney residential property prices rising by 3.8 per cent. This is a fall of 6.5 per cent in 12 months.

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This article was reviewed by Property & Personal Finance Writer Nick Bendel before it was published as part of RateCity's Fact Check process.

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