Capital cities posted a 10% increase in house prices last year, the highest in a 4 year span. Triggered by low interest rates and increased demand for property, the median home value for capital cities ended at $540,000.
Sydney had the highest increase at 14.5%, where the median price is at $655, 250. Hobart is the city with the least change at 2.2%, where median price is at $330,000. Home values are expected to decrease in the coming year with an increase in construction. 2013 was the property market’s best performance in 4 years.
Read more about this on the Sydney Morning Herald website.