If you’re holding on to an investment property in Sydney, now might be the perfect time to sell-up and move.
New figures released by the Australian Bureau of Statistics (ABS) show that residential property prices rose in every capital city in the December quarter 2013 – but none grew as fast as Sydney.
According to the Residential Property Price Indexes: Eight Capital Cities report, properties in Australian capital cities rose by an average of 3.4% during the quarter, contributing to a 9.3% rise for the whole of last year.
The Sydney market grew markedly faster than the rest, with house prices up 4.9%, followed in order by Perth (+3.5%), Brisbane (+3.0%), Melbourne and Adelaide (both +2.8%), Darwin (+2.7%), Hobart (+2.3%), and Canberra (+0.4%).
RPPI Director, Robin Ashburn said, “Sydney continues to grow at the fastest rate across the country, with house prices rising 4.9% in the December quarter 2013, the third consecutive quarter for which Sydney has had the largest rise in house prices of any capital city.”
The report also showed a rise in the total value of residential properties in Australia, up to $5.02 trillion in the December quarter 2013, compared to $4.83 trillion in the September quarter.
The average price of Australia’s 9.3 million residential properties is also up, equalling $539,400 (compared to $496,800 in the December quarter 2012) – which is good news for all home-owners planning to relocate, regardless where they live.
This comes as no surprise to the team at Grace Removals Sydney, who helped a bumper number of families, couples and singles move around the country over the Christmas break.
If you are one of those lucky enough to sell during this peak property prices period, make sure you take advantage of our free Moving Checklist to help you pack up and move on with minimal fuss.