Australian house prices rise almost 10 per cent in 2013
January 02, 2014 1
AUSTRALIAN home prices jumped almost 10 per cent in 2013, boosted by a record-low cash rate
House values rose by 14.5 per cent in Sydney in 2013, pushing the city’s median dwelling price to $655,250, according to the RP Data-Rismark December Home Value Index.
Perth was the second best performer, with an annual growth rate of 9.9 per cent.
Home prices in both cities are currently at record highs, up 10.9 per cent and 3.6 per cent, respectively, over prior peaks.
Across the country, capital city home values rose by 9.8 per cent in 2013.
Hobart had the weakest growth, with prices rising by just 2.2 per cent, taking the median dwelling price there to $330,000 – the most affordable of all the capital cities.
RP Data senior research analyst Cameron Kusher said low interest rates increased demand for housing.
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