The value of residential property rose by almost a tenth over the past year, according to figures released by the Australian Bureau of Statistics (ABS).
The Residential Property Price Index (RPPI) for the weighted average of the eight capital cities rose 1.5 per cent in the September quarter 2014 and 9.1 per cent in the previous year.
Sydney continues to drive residential property price increases with the RPPI for Sydney rising 2.7 per cent in the September quarter 2014 and 14.6 per cent over the year.
Prices rose by 1.0 per cent in Melbourne, Brisbane, Adelaide and Hobart, while Darwin and Canberra prices were up by 0.3 per cent. Perth was the only city to show a decrease in prices with the RPPI decreasing 0.1 per cent.
All capitals recorded rising values over the twelve months. Prices lifted in Melbourne (6.9 per cent), Brisbane (6.7 per cent), Adelaide (5.6 per cent), Hobart (4.3 per cent), Perth (3.7), Darwin (3.4 per cent), and Canberra (2.4 per cent).
The total value of Australia's 9.4 million residential dwellings increased to $5.3 trillion. The mean price of dwellings in Australia is now $563,100, an increase of $8,300 over the quarter.