Australia's residential market activity was put under the spotlight recently with the release of Knight Frank's report, Australian Residential Review - February 2017.
The report drew upon data compiled by Residex, Corelogic, ABS and REINSW, coupled with Knight Frank's own research.
Knight Frank Director of Residential Research Michelle Ciesielski revealed in the report that the official cash rate target remained at 1.50% on 7 February 2017, while Gross Domestic Product was recorded at 1.8% annual growth to September 2016.
Unemployment across Australia grew to 5.7%, in the quarter ending November 2016.
Ms Ciesielski said the weighted average of Australian capital cities house values experienced 4.5% annual growth in the month of December 2016 to $729,500, while apartment values were down to 2.9% annual growth to $547,000.
"In the year ending December 2016, the volume of house sales across Australian capital cities was up 3.3% to 200,839; while 129,386 apartment sales were recorded (up by 1.4%)," she said.