Australian Bureau of Statics numbers released today are showing an easing in house price growth.
Home prices in the eight capital cities rose 1.5% in the September quarter 2014 in line with market expectations.
This compares to the 1.9% increase for the previous quarter.
The Australian Bureau of Statistics Residential Property Price Index has now increased nationally 9.1% over the last 12 months.
Sydney continues to drive residential property price rises with the index for Australia’s largest city up 2.7% in the September quarter and 14.6% for the year.
Established house prices for Sydney increased 3.2% and attached dwelling prices rose 1.8%.
The result is similar to the RP Data CoreLogic Home Value Index which shows a general easing and Sydney outpacing other state capitals.
The index rose in Melbourne (+1%), Brisbane (1%), Adelaide (+1%), Hobart (+1%), Darwin (+0.3%) and Canberra (+0.3%).
Perth was the only city to show a decrease in prices with the index falling 0.1%.
The total value of Australia’s 9.4 million residential dwellings increased to $5.3 trillion.
The mean price of dwellings in Australia is now $563,100, an increase of $8,300 over the quarter.