Sydney property prices soar

Sydney continues to lead all capital cities in property price as it increased by 2.7% for the 3rd quarter of the year, according to the Australian Bureau of Statistics.

Property prices have also increased by 1% in Melbourne, Brisbane, Adelaide and Hobart. Overall, national house prices have increased by 1.5%. Sydney’s housing market recorded the strongest performance 12 months to September, recording a staggering 14.6% increase, followed by Melbourne and Brisbane, at 6.9% and 6.7% respectively.

The strong performance in the property market was attributed to high investor activity, with finance from investors increasing by 25.4% for 12 months to September. Meanwhile, owner – occupied finance comprised a measly 1.8% for the same period.

Read more about this on the Age website.