Capital city property has always been a great investment to make. Regardless of whether you're an owner occupier or a property portfolio holder, there are a number of benefits to choosing inner city metropolitan real estate. This has been reinforced by the latest Residential Property Price Index (RPPI), which has found that capital city property values across the nation increased by 1.8 per cent during the June 2014 quarter.
More specifically, Melbourne saw the average value of property rise by 1.3 per cent over the three-month period, which could be great news for owners of property in Carlton. Director of RPPI at the Australian Bureau of Statistics Robin Ashburn said there were degrees of growth recorded across all of the nation's capital cities except Perth, which saw a slight decrease over the same period.
"The increase in prices has contributed to the increase in the total value of residential dwellings to $5.2 trillion in the June quarter 2014, an increase of almost half a trillion dollars since June 2013. The mean price of dwellings in Australia is now $554,800, an increase of $45,000 over the year, this is more than twice the increase over the year to June 2013," said Ms Ashburn in a 12 August statement.