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Harbour City drives national price growth

By Louise Morrin

Sydney's been no stranger to strong price growth over the past few years, and the city maintained this momentum in the third quarter of 2015. Data from the Real Estate Institute of Australia (REIA) reveals that the median capital city house price increased 2.3 per cent from the previous quarter, while other dwellings were up 2.1 per cent.

The Harbour City was one of the main drivers behind this trend, alongside Melbourne, but the rising prices aren't deterring investors from seeking real estate in St George. REIA president Neville Sanders explained that Sydney's annual growth was exceptional.

"We have seen the median price of housing in Sydney increase by 22.6 per cent over the year and breach the $1million mark almost three times the median price for Hobart whilst in Perth it has decreased by five per cent," said Mr Sanders.

This isn't the only indicator that now could be a good time to invest in real estate in St George. The CoreLogic November Home Value Index posted similar strong results, with Sydney registering the highest annual growth rate at 12.8 per cent.

As a result, the city's median dwelling price now registers at $810,000, offering total gross returns of 16.8 per cent. This compared to an average price of $602,500 in Melbourne.

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