$500bn rise in Australia housing03 August 2015 by News Desk
The total value of housing in Australia has increased by more than half a trillion dollars over the past twelve months.
Rising property prices in Australia have seen the value of homes increase by an average of 11.1% over the past year. But in Sydney prices have risen by 18.4%, the highest rate of growth in the city since 2002.
Across the country, the value of homes in Capital cities increased by an average 2.8% in July while strongest growth outside of Sydney and Melbourne has been in Brisbane where housing values are 3.9% higher than the same period in 2014, according to CoreLogic RP Data.
Canberra is currently seeing most activity when it comes to residential property auctions in Australia’s capital cities. Over 79% of properties were sold at auction in Canberra last week, compared to a national average of 75%.
Darrell Todd, ceo of thinkingaustralia, says: “Recent changes to investment laws have been aimed at slowing down the property market in Australia and, to some extent, we are starting to see the effect of this. But it has not stopped the galloping rise in prices we’ve seen over the past year.
“I believe that, while property prices will continue to rise in coming years, we will not see such runaway increases as we have in the past”.