Australian property market hits $6 trillion

The property bubble continues with CoreLogic RP Data releasing figures showing that in the six months to July, the housing market surged by half a trillion dollars and now sits at $6 trillion.

And despite the Australian Prudential Regulation Authority trying to put a lid on bank lending to property investors, the growth was driven by property sales in Melbourne and Sydney.

In Sydney, property values rose 3.3 per cent for the month, delivering an 18.4 per cent rise for the year. In Melbourne, there was a 4.9 per cent increase, and property values were up 6.1 per cent for the three months, making it the best performing capital city.

Sydney was the most expensive city with a median dwelling price of $790,000.

All up, the value of Australian houses across capital cities rose 2.8 per cent for July and 11.1 per cent over the last year.

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