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National median price rise propelled by Sydney market

By Louise Morrin

Sydney is a growing city. Not only is the amount of people that choose to move to property in Carlton or the level of infrastructure construction growing, but prices are too. 

In its Residential Property Price Index (RPPI), the Australian Bureau of Statistics (ABS) showed national prices increased 1.8 per cent in the June quarter. 

However, this growth over the quarter was largely due to activity in the Sydney market. Here, homeowners got to enjoy a 3.1 per cent rise over this period. 

Melbourne and Brisbane also played a part in pushing up national price growth, rising 1.3 per cent and 1.8 per cent, respectively. 

"The increase in prices has contributed to the increase in the total value of residential dwellings to $5.2 trillion in the June quarter 2014, an increase of almost half a trillion dollars since June 2013," said ABS director of RPPI Robin Ashburn.

Strong annual growth for Sydney property

It's not just the June quarter that was a strong period for Sydney's property market. Over the year to July 2014, median values have risen 14.8 per cent. The median price for a dwelling in Sydney has now reached $650,000, which will be of encouragement to anyone selling their slice of Carlton real estate. 

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