House price rises in Australia exceed rises virtually anywhere in the world. Australia is due for a fall in prices, but the question is when.
To get a better grasp on rises I've consulted the ABS 6416.0 - Residential Property Price Indexes: Eight Capital Cities, Dec 2014.
Undoubtedly, Sydney price rises have been significant in recent times, but if you if you index property price rises to 2003, using ABS data Sydney under performs the weighted average and even Adelaide. Obviously there was a boom in prices in Sydney before 2003, but the starting point of an index can make a very big difference. I use 2003 because that is the beginning point of the ABS data.
If, however, we shift the index starting point to March 2008 a different picture emerges.
Shifting the index starting point to March 2013 gives us a different picture again, showing clearly that most of the action has been in Sydney.