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Canberra and Sydney price gap closes

The price gap between Canberra and Sydney closed by AU$40,000 in November.

The ongoing price gap between two of the best-performing capitals across Australia - Canberra and Sydney - has closed somewhat in the last month.

Figures from the latest RP Data-Rismark Home Value Index show average home values across the country rose by 1.3 per cent on average in November, the Age reports.

However, while the median price of a Canberran property stood at AU$538,000, Sydney's average value increased by AU$40,000 to be just AU$17,000 shy of this figure.

RP Data senior research analyst Cameron Kusher explained: "Obviously, the amount of stock on the market is higher ... Sales activity is also lower than it was this time last year."

He noted that growing demand in Sydney in particular is having a positive impact on average values, meaning the city is closing the gap on its neighbour.

The news follows comments from Angie Zigomanis, BIS Shrapnel senior manager, who recently stated that an ongoing shortage in the supply of homes in Sydney was helping to bolster prices in the state capital.

Posted by Steve Douglas

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