Residential Property values hit $5 trillion mark

The total residential property value for the December 2013 quarter has reached $5.02 trillion for the first time, according to the Australian Bureau of Statistics. The values are up from the previous quarter which ended at $4.83 trillion.

The residential sector as of this time comprises of 9.3 million properties with a median price of $539,400, from $496,800 the same time the previous year. Sydney leads all capital cities in growth rate with Perth running in second at a 3.5% growth in December.

Read more about this on the Perth Now website.