Sydney leads australian property price rise

Sydney is leading property price rises Down Under, according to the Australian Bureau of Statistics.

The figures show that the ABS index of residential property values in the country's capital cities climbed 3.4 per cent in the fourth quarter of 2013, taking total annual growth for last year to 9.3 per cent.

Sydney saw the largest increase, with house prices rising 4.9 per cent in the three months to the end of December 2013, ahead of Melbourne (2.8 per cent) and Perth (3.5 per cent).