Red-hot property market sets new record

The total value of residential dwellings in Australia has surpassed $8 trillion for the first time, according to new data from the Australian Bureau of Statistics.

During the March quarter, the total value of Australia's 10.6 million homes rose by $449.9 billion – the biggest jump on record.

At the same time, national property prices rose 5.4% – the fastest rate of growth since the December 2009 quarter. The breakdown by capital city was:

· Sydney = 6.1%
· Hobart = 6.1%
· Canberra = 5.6%
· Perth = 5.2%
· Melbourne = 5.1%
· Darwin = 4.7%
· Brisbane = 4.0%
· Adelaide = 4.0%
Red hot property Australia

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