Melbourne and Hobart led the way in driving national median house prices in the December quarter.
According to the Bendigo Bank/REIA Real Estate Market Facts publication, the weighted average median price of all capital cities increased by 3.8 per cent for houses and by 2.4 per cent for other dwellings over the December quarter.
Real Estate Institute of Australia (REIA) president Peter Bushby said all capital cities contributed to the increase.
“The weighted average median house price for the eight capital cities is now $533,099 … with the largest increases in Melbourne and Hobart, up 7.8 per cent and 7.4 per cent respectively," he said.
”Sydney continues to have the highest median house price across the capital cities at $656,415, 23.1 per cent above the weighted average.
“Adelaide’s median house price increased by 2.4 per cent over the December quarter to $398,500, while the median house price in Perth increased by 3.3 per cent over the quarter to $495,000.”
Mr Bushby claims that compared to the same period the year before, there are positive signs from the results.
“Compared to the December quarter of 2011, the weighted average price has increased by 3.8 per cent," he noted.
“Investors are holding firm with strong yields, thanks to tight vacancy factors and the impact on rental returns coupled with lower borrowing costs. Darwin continues its climb with a 6.9 per cent rise in the median rent for three-bedroom houses over the December quarter, to $638 per week.”