Sydney house prices have streaked ahead of the rest of Australia.
The rise for Sydney in the September 2013 quarter was 3.6 per cent, according to the price index for established houses.
This is an 11.4 per cent rise for the year compared to the capital city average of 7.6 per cent. Signs of the highly-charged Sydney property market have been around for a couple of months now with stellar auction clearance rates over the past two months, and this confirms the big bump for the NSW capital.
The Australian Bureau of Statistics says the eight capital city weighted average increased 1.9 per cent in the quarter.
Other increases for the quarter: Melbourne (+1.9%), Brisbane (+1.2%), Perth (+0.2%), Hobart (+1.4%) and Darwin (+0.4%), while Canberra (-1.2%) and Adelaide (-0.6%) fell.
This is the first time since 2010 the capital city average has shown four consecutive quarters of growth.
Robin Ashburn from the ABS said: “Sydney’s rises were broad based in the September quarter, with most areas going up, but prices were mixed in Melbourne, with some areas showing rises and others falls.”