Median prices climb as investors return to market

Median house prices rose in every capital city during the June quarter, according to the Real Estate Institute of Australia’s (REIA) quarterly property report.

Darwin recorded the biggest increase in median house prices, rising 19.0 per cent over the quarter.

Overall, the Australian median property price for a three bedroom home rose 5.1 per cent to $458,448. But despite the climb, the median property price is still down 0.7 per cent for the year to 30 June 2009.

The highest median house prices were recorded in Sydney and Darwin, which currently sell for $544,000 and $537,093 respectively.

Hobart and Adelaide recorded the lowest median house prices, at $336,000 and $359,000.

REIA president David Airey said prices have stopped falling and are now on their way up due to increased investor activity and revived interest from second and third home buyers who have returned to the market.

“These buyers are selling their properties to first home buyers who have shown a preference for established homes in seven out of 10 sales,” he said.

On the rental front, median rents for both three bedroom homes and other dwellings have shown varied results during the quarter with increases in Hobart and Darwin, decreases in Melbourne, Perth and Canberra and no change in Sydney, Brisbane and Adelaide.

Median house prices rose in every capital city during the June quarter, according to the Real Estate Institute of Australia’s (REIA) quarterly property report.

Darwin recorded the biggest increase in median house prices, rising 19.0 per cent over the quarter.

Overall, the Australian median property price for a three bedroom home rose 5.1 per cent to $458,448. But despite the climb, the median property price is still down 0.7 per cent for the year to 30 June 2009.

The highest median house prices were recorded in Sydney and Darwin, which currently sell for $544,000 and $537,093 respectively.

Hobart and Adelaide recorded the lowest median house prices, at $336,000 and $359,000.

REIA president David Airey said prices have stopped falling and are now on their way up due to increased investor activity and revived interest from second and third home buyers who have returned to the market.

“These buyers are selling their properties to first home buyers who have shown a preference for established homes in seven out of 10 sales,” he said.

On the rental front, median rents for both three bedroom homes and other dwellings have shown varied results during the quarter with increases in Hobart and Darwin, decreases in Melbourne, Perth and Canberra and no change in Sydney, Brisbane and Adelaide.

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