Sydney prices continue to increase

Sydney prices continue to increase

New figures released by CoreLogic have revealed that property prices in Sydney have risen by nearly 20% in the past year.

Such a large increase puts the Australian city in the lead of house price increases, which are happening throughout the country. The average increase in property prices in Australia is currently 12.9% a year.

According to the firm, house prices in Sydney rose by an impressive 19.65% in 2016, while apartment prices increased by 15.27%.

Australia demands property sales

CoreLogic also reported rises in Melbourne (17.15%), Canberra (13.64%) and Hobart (11.05%) – however both Perth and Darwin saw property prices drop between four and five per cent.

The new data shows that the gap between house and apartment prices is widening even further, with house prices in Australia’s five major cities increasing 13.35% during the past 12 months, compared to 9.83% for Australian apartments.

However Sydney once again continued to buck the trend, with the growth between the two housing types proving less here than in any other Australian city.

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