Melbourne reinforced its position as the hottest property market in Australia by racking up a staggering double digit growth within three months - the largest increase across all capital cities, a Residex data has showed.
Property values for houses in the Victorian capital soared by 10.17% in the three months ending October, boosting the median price to $435,500. Units were also in strong demand with prices jumping sharply by 9.71% to $344,000.
Buyers snapped up 105 houses in Richmond which saw the median price soaring by 11.82% to $720,000. The affluent suburbs of Camberwell and Kew remained in high demand with both suburbs achieving around 12% in capital growth in the same period. Units in Hawthorn and St Kilda were the most sought-after as buyers anticipate further growth in these areas. Unit values climbed by 10.56% to $374,500 in Hawthorn whilst St. Kilda gained 10.27% to $346,500.
Sydney's property market managed a modest 2.83% growth, bringing the median house price to $579,000. Brisbane rose 5.09%, Adelaide by 5.61% and Perth by 2.59%.
Weekly rents for houses in Sydney grew by 18.42% over the past 12 months, Perth 30.6%, Melbourne 20% and Darwin 23.18%. Units in Canberra achieved the best rental return of 6.35%, followed by Darwin at 5.79% and Sydney at 5.06%.
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