Sydney Australia's fastest growing property market: Survey

Sydney, Feb 3
Sydney became Australia's strongest property market with the median dwelling price reaching 723,000 Australian dollars ($564,000) at the end of January, representing an annual growth of 13 percent, revealed a survey Tuesday.

The CoreLogic RP Data report said the median price for homes in Melbourne rose seven percent to 561,000 Australian dollars ($437,000), with houses up 7.5 percent and units up 2.7 percent, reported Xinhua.

The prices in Brisbane moved up 4.6 percent to 458,000 Australian dollars ($357,340), with house values rising 5.1 percent and unit values rising 0.3 percent.

The median price for an Adelaide property rose 3.1 percent and Hobart's home values were up 3.8 percent.

Besides, the prices in Perth climbed 2.6 percent and Darwin reported a 1.4 percent increase, while home prices in Canberra fell 0.3 percent, said the survey.

Since the 2009 global financial crisis, property markets in Sydney and Melbourne have experienced great gains with median price gains of 57 percent and 50 percent respectively.

They have been followed by Darwin on 24 percent, Canberra on 18 percent, Perth on 17 percent, Adelaide on 10 percent and Brisbane on nine percent.