Sydney, perth, melbourne drive up australian property prices

Sydney, Perth and Melbourne are driving up Australian property prices, according to Fitch Ratings. The group's report shows that house prices in Australia climbed 9.8 per cent in the 12 months to December 2013. That growth was led by Sydney, where property prices rose 14.5 per cent year-on-year, Perth, where prices increased 9.9 per cent and Melbourne, where values jumped 8.5 per cent.

The increase in prices is supported by a shortage in housing supply, while demand continues from both local and overseas investors.

Source: Property Wire