Property prices have continued to rise across Sydney, with the city once again leading the pack in terms of its value increases. The Australian Bureau of Statistics (ABS) has released its Residential Property Price Index (RPPI) for the March quarter of this year, showing that values were up 1.6 per cent in the eight capital cities.
However, Sydney was once again set apart from the crowd. Its prices were up 3.1 per cent compared to the previous three-month period and 13.1 per cent higher than 12 months earlier. Established house prices in the Harbour City were up 3.8 per cent on a quarterly basis, while the value of attached dwellings experienced a 2.2 per cent rise.
The RPPI showed that only Perth and Darwin saw their average property prices fall over the course of the three months to March. Declines of 0.2 per cent and 0.1 per cent respectively were registered.
This follows results of the May CoreLogic RP Data Home Value Index, which showed that dwelling values have increased 3.8 per cent during the first four months of the year. A month-on-month drop was witnessed between April and May, making it the first decline witnessed since November last year.
Sydney has seen year-on-year gains of 15 per cent, while its property prices were up 3.3 per cent from the previous quarter. This, once again, made it the strongest performer out of all the capital cities.
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