Property and real estate prices rising in every Australian capital city

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According to the Australian Bureau of Statistics (ABS), Residential property prices in each of Australia’s capital cities rose in the December quarter of 2013.

The figures show the Residential Property Price Index (RPPI) for the weighted average of the eight capital cities rose 3.4% for the quarter, with a total rise of 9.3% per cent over the past year.

Sydney was the fastest growing capital city with house prices up 4.9% in the December quarter, while Melbourne rose 2.8%, Perth 3.5%, Brisbane 3%, Adelaide 2.8%, Hobart 2.3%, Darwin 2.7% and Canberra 0.4%.

The figures showed total value of residential properties in Australia had risen to $5.02 trillion in the December quarter 2013, up from $4.83 trillion in the September quarter.

They also show the average price of Australia's 9.3 million residential properties is now $539,400, up from $496,800 in the December quarter 2012.