The CoreLogic RP Data home value index showed that Sydney was the highest growth city with prices up 12.4 percent in the year. Melbourne closely followed with an 11.3 percent gain in 2014.
Sydney was also the most expensive city to buy a home, with a median price of 730,000 Australian dollars (US$593,500) and almost double the 341,500 (US$277,000) in Hobart, Tasmania.
RP Data senior research analyst Cameron Kusher said overall home price growth is slowing down.
“The slowing annual growth rate is further evidence that the housing market is losing some steam with combined capital city home values increasing by 9.8 percent over 2013 compared to a more moderate 7.9 percent rise in 2014,” he said.
“Auction clearance rates reduced noticeably across the two largest auction markets, Sydney and Melbourne, over the final two months of the year,” he added.
source: bernama.com
STUDIO 3 NEWCASTLE AUSTRALIA 