The median mortgage amount is expected to climb as new research reveals house prices are rising.
According to the Real estate Institute of Australia’s Real estate Market Facts report, the weighted average capital city property price climbed 2.4 per cent over the last quarter to sit at $545,873.
“With the exception of Perth and Canberra, all Australian capital cities recorded increases in median house prices over the quarter. Sydney, Melbourne and Darwin recorded the highest median house prices while the lowest were evident in Hobart, Adelaide and Brisbane,” REIA president David Airey said.
Melbourne house prices recorded the largest increase over the quarter; up 6.9 per cent to $601,500, while Perth recorded the largest drop – down 1.8 per cent to $480,000.
“The rate of house price growth slowed over the year and is approaching the ten year annual average of 6.1 per cent. Compared to the same quarter of the previous year, house prices increased 6.1 per cent nationally,” Mr Airey said.
Weighted average other dwelling median prices increased 0.8 per cent compared to the previous quarter.
Darwin recorded the highest increase in other dwelling prices over the quarter, increasing 6.4 per cent to $438,000, while Canberra recorded a decrease of 2.3 per cent - the largest decrease compared to other capital cities.