House prices have increased

Combined property values for houses in Australia increased by a total 41% and 42% for units over the past five years.

According to a new report by RP Data, the average annual increase for houses is 7% and 3% for units.

The report states that in dollar terms, house values have increased by a total of almost $140,000 over the last five years and unit values have increased by approximately $123,000."

Sydney was the poorest performing capital city with an increase of just 30% over five years, compared to Darwin house prices which increased by 92%. Melbourne recorded a 61% increase in its house prices.

According to RP Data research analyst, Cameron Kusher, Sydney underperformed because prices were already so much higher than the rest of the country.

As for house rents, the greatest increases were also in Darwin – up 77%, while in Perth they increase 60% and just 34% in Sydney.