The median house price in Australia has climbed almost $20,000 during the September quarter, according to Mortgage Choice’s real estate market facts report.
The report showed house prices had jumped to $481,310 from $462,180 – the highest level median prices have reached since December quarter 2007.
Mortgage Choice senior corporate affairs manager Kristy Sheppard said during the September quarter, Australia had managed to outperform most other advanced economies.
“Consumer and business sentiment improved, home loan demand grew, housing prices rose impressively and auction clearance rates were close to setting records. We’re not out of the woods yet but there are certainly a number of positive factors at play, boding well for the market’s future,” Ms Sheppard said.
The Australian weighted average median price for other dwellings also increased, climbing 3.5 per cent over the quarter and 9.2 per cent over the year.
The Real Estate Institute of Australia president David Airey said the growth in property prices was due to low interest rates and increased buyer confidence.
“The lower interest rates increased the uptake of the First Home Owners Grant Boost (FHOG Boost) which impacted median prices by increasing demand,” Mr Airey said.
Darwin and Sydney have reported the highest median house prices at $607,200 and $569,000 respectively, while the lowest median house prices were recorded in Hobart at $347,500 and Adelaide