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Value of Australia's property market reaches record $6.6 trillion

The total value of Australia's property market has risen by $1 trillion in just two years to reach $6.6 trillion as of the end of March 2017, new figures show.
This is according to data from Australia's Bureau of Statistics (ABS), which reveals that the value of the country's housing stock is currently at a record high, making the market attractive to international investors.
New statistics from the ABS show that house prices down under rose by 2.2 per cent during the first three months of 2017, with slightly higher growth recorded in some parts of the Australia; these included Hobart, where property prices rose by 3.4 per cent, and Melbourne, which recorded a 3.1 per cent average increase. Meanwhile, Sydney's house prices experienced growth of three per cent throughout the quarter.
When compared to the data for the January to March 2016 period, it can be seen that property prices have increased by 10.2 per cent over the course of the year, with more significant rises seen in Sydney (14.4 per cent) and Melbourne (13.4 per cent).
Detached properties saw the largest growth in price over the past 12 months, rising by 11.5 per cent in contrast to attached homes (apartments, townhouses and other conjoined dwellings), which rose in value by an average of 6.6 per cent.
Melbourne and Sydney were found to be the most coveted markets for detached houses, with the average cost of these rising by 16.1 per cent and 16 per cent respectively. In both Canberra and Hobart, price growth of 10.6 per cent was recorded.
Hobart was an in-demand area for all types of home over the last year, with the average price of attached homes in the area also rising markedly by 14.6 per cent. In second place for this category was Sydney, where prices rose by 11.1 per cent.
Speaking to Xinhua, Shane Garrett, a senior economist at the Housing Industry Association, stated: "The variation in dwelling price growth across the country is significant and house price developments in other markets are much weaker.
"This situation underlines the dangers of applying one-size-fits-all policy remedies to the challenges in Australia's housing market."

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