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Australia real estate grows by 13 per cent

Average house prices in Australia rose by 13.1 per cent at the end of 2013, according to new figures.

Average house prices in Australia rose by 13.1 per cent at the end of 2013, according to new figures.

Data from the Bendigo Bank/REIA Real Estate Market Facts report showed in the last three months of 2013 the national median house prices increased by 13.1 per cent - the biggest rise since 2010.

The average house price in the eight capital cities stood at $598,000 and shows the ongoing confidence in the country's real estate sector.

Peter Bushby, president of the Real Estate Institute of Australia (REIA), said: "Solid results for Sydney and Melbourne, as well as strong performances in Perth, Brisbane and Darwin in the last year’s final quarter have proven that some markets are well into a growth phase."

He added the three months had seen large sale volumes, which had led to increased house prices.

Canberra was the only capital to fall in value, with prices falling by one per cent to $520,000.

Posted by Ravin Chatlani

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