Property investment specialist Future Estate has reported the median dwelling price of all combined capital cities is now close to $520,000, reflecting a yearly increase of over $25,000.
The 12-month rise in property values, outlined in its September 2014 residential property update, was more than double that experienced in the year to June 2013.
According to Future Estate’s analysis, Sydney was the most dominant location influencing the result, with a median dwelling price of $650,000 and a record high median house price of $750,000.
In terms of growth, the data showed Melbourne to be the best-performing city between the months of July and September.
“Melbourne’s change in dwelling values year on year is now in double digits, recording growth of 11.7 per cent, with the combined capital city average now sitting at 10.9 per cent growth year on year,” Future Estate said.
“Melbourne has also been the stand-out performing capital city for the quarter, with 6.4 per cent growth compared to Sydney (5 per cent).”
Adelaide experienced the second strongest increase for the same period, with dwelling values climbing 5.9 per cent, driven by an increase in auction clearing rates and a drop in vacancy rates, the update said.
The quarter saw dwelling values appreciate in Brisbane and Darwin by 5.4 per cent, while Hobart achieved a more modest price rise of 2.8 per cent.
“The increase in prices has contributed to the increase in the total value of residential dwellings to $5.2 trillion up to the June quarter 2014, an increase of almost half a trillion dollars since June 2013,” Future Estate said.