Sydney house prices leading price rises

Sydney house prices leading price risesSydney continues to push residential property prices higher, with the Residential Property Price Index for Sydney recording a 3.1 per cent increase in the March quarter 2015 and 13.1 per cent for the year.The Australian Bureau of Statistics (ABS) figures released last week, show that the price of established housing (detached residential dwellings on their own block of land, regardless of age) increased 3.8 per cent in Sydney, and the price of attached dwellings (flats, units and apartments, plus semi-detached, row and terrace houses) increased 2.2 per cent.Other Residential Property Price Index (RPPI) increases were recorded in Canberra (+1.1 per cent), Adelaide (+0.7 per cent), Melbourne (+0.6 per cent), Hobart (+0.5 per cent) and Brisbane (+0.4 per cent). Falls were recorded in Darwin (-0.2 per cent) and Perth (-0.1 per cent).The ABS reported that the weighted average of the eight capital cities rose 1.6 per cent in the March quarter 2015 and 6.9 per cent in the year to March. The mean price of Australia’s residential dwellings, which number 9.5 million, is now $576,100, an increase of $8400 for the quarter.Read more here.