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Property sales on the rise

The recent groundswell in property sales across Australia’s capital cities, with transaction numbers climbing 18 per cent over the last 12 months.

According to RP Data’s latest Property Pulse report, the Perth market has been a standout performer over the last year, with annual total value of sales climbing 29.3 per cent.

In Sydney, value of sales rose by 4.8 per cent, while Brisbane saw a 3.5 per cent lift.

But not every capital city recorded an increase in total sales, with Melbourne witnessing a 6.5 per cent fall and Adelaide recording a 0.9 per cent drop.

Sydney trumped as the city to record the largest total value of sales and as an example, the total value of sales results for Melbourne and Brisbane is now lower than for Sydney’s total value.

The total value of sales over recent years has been quite flat after falling from a peak in late 2010 as home values and sales volumes began to fall. Over the 12 months to May 2013, there was $207.9 billion worth of houses and units sold nationally.