Sydney property prices fall in Dec quarter

The Residential Property Price Index (RPPI) for Sydney fell 1.6 per cent in the December quarter 2015 following positive quarterly growth over the last three years, according to figures released today by the Australian Bureau of Statistics (ABS).

Sydney established house prices fell 2.1 per cent and attached dwellings prices fell 0.8 per cent in the December quarter 2015.

Annually, Sydney residential property prices rose 13.9 per cent.

In other capital cities in the December quarter 2015, the RPPI rose in Melbourne (+1.6 per cent), Brisbane (+1.6 per cent), Adelaide (+0.9 per cent), Canberra (+2.8 per cent), Perth (+0.5 per cent) and Hobart (+2.5 per cent) and fell in Darwin (-1.8 per cent ).

For the weighted average of the eight capital cities, the RPPI rose 0.2 per cent in the December quarter 2015 and rose 8.7 per cent over the previous year.

The total value of Australia’s 9.6 million residential dwellings increased $31.6 billion to $5.9 trillion. The mean price of dwellings in Australia is now $612,100.

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