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Sydney Property Market Continues to Boom

By Louise Morrin

Australia's combined capital city house values have risen by 5.3 per cent in the past year, according to the latest information from RP Data. Sydney homes have been a standout performer, increasing by 7 per cent over 12 months.

In the three months to August 2013, Sydney house values have risen by a sharp 5.4 per cent, eclipsing the previous peak by 4 per cent. This is good news for owners of St George real estate, as the market continues to show gains.

Anyone looking to buy Carlton real estate may want to consider purchasing a unit. The RP Data study shows the current median selling price of units in Sydney is $153,150 less than houses in the same area.

National house sales are also up across the country, again showing the property market's recovery over recent times. In Sydney, estimated house sales are up by 41.4 per cent over the three months to June 2013 than where they were over the same period in 2012.

The Australian economy has grown by 0.6 per cent in the June 2013 quarter, reflecting the strengthening Australian market that may lead buyers to invest.

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