The Total Value Of Australian Homes Just Passed $5 Trillion

Australian residential property prices rose 9.3% last year to reach an overall market value of $5.02 trillion, government data shows.

The ABS reports today that prices rose 3.4% in the December 2013 quarter, beating market expectations of 3.0%.

That put the average price of Australia’s 9.3 million residential properties at $539,400, up from $496,800 in December 2012.

Property prices rose in every capital city in the December quarter, with Sydney growing at the fastest rate of 4.7%, and 13.8% year-on-year.

From the ABS:

The official property price growth estimates were slightly above those from RP Data-Rismark and APM, which put quarterly and yearly residential property price growth at 3.1% and 8.6%, and 3.3% and 8.6% respectively.

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