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Australian property prices see strongest winter gains since 2007

Residential property prices in Australian capital cities increased by 4.2% over the three months to the end of August, the strongest capital gain over the three months of winter since 2007.

The latest RP Data CoreLogic home value index shows that the market was once again driven by large capital gains across the Sydney and Melbourne markets where prices increased by 5% and 6.4% respectively.

The next best performing city was Canberra where prices increased by 2.5% over the three month period, driven entirely by a gain in detached house values which compensated for a 2.1% fall across the weaker apartment market.

Every other capital city has recorded much more moderate conditions over the winter with Adelaide values up 1.5%, Brisbane up 1.3% and Perth up by 1%. A modest drop in values was seen in Darwin where prices fell by 0.6% and in Hobart where they fell by 0.8%.

Property prices are now 10.9% higher over the past 12 months. However Sydney and Melbourne are the only cities to record double digit growth over the past year.

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