Sydney and Melbourne Property Prices Keep Rising

The latest sales figures from RP Data revealed that the residential property market is speeding ahead, with significant movement in Sydney and Melbourne which recorded strong house price growth.

Property prices rose by a combined 1.6% in Sydney and Melbourne for September, a level of activity not seen since October 2010, reports Your Investment Property Mag.

Property values increased by 2% in both Sydney and Melbourne, with Sydney residential values jumping 2.5% for September, an increase of 5.2% for the quarter to September. Melbourne is also showing strong momentum with property values rising 2.4% month-on-month and an overall lift of 5% for the quarter to September.

Overall sales activity and price growth for both capital cities showed buoyant market conditions not seen since April 2009, according to RP Data’s research analyst, Tim Lawless.

Lawless cautioned that while both Sydney and Melbourne’s property markets were firing on all cylinders, Adelaide recorded modest growth of 1.1% while other capital cities such as Brisbane, Perth, Hobart and Darwin recorded subdued dwelling values over the month.