Australian property up 13 per cent

In the final quarter of 2013 national median house prices rose by 13.1 per cent, the biggest yearly rise since 2010.

The median house price across Australia’s eight capitals reached $598,000 in the December 2013 quarter, according to the Bendigo Bank/REIA Real Estate Market Facts report.

With a 5.7 per cent increase on the September quarter, Peter Bushby, president of the Real Estate Institute of Australia (REIA), said the results were an excellent indication of the performance of the property market.

“Our data shows that this is the biggest rise between two corresponding quarters since the September quarter of 2010 – the point when the housing market began to adjust to the strong results seen in the early 2000s.

“Solid results for Sydney and Melbourne, as well as strong performances in Perth, Brisbane and Darwin in the last year’s final quarter have proven that some markets are well into a growth phase,” he said.

Mr Bushby believes the rise in activity translated into larger sales volumes and higher dwelling prices.

Median prices in Melbourne soared 21.9 per cent to $643,000 over the year, while Sydney prices grew 15.1 per cent to $763,000.

Perth prices jumped 7.0 per cent to $535,000, Brisbane grew 5.7 per cent to $465,000, Darwin climbed 5.5 per cent to $610,000, Adelaide rose 2.5 per cent to $410,000 and Hobart added 1.4 per cent to reach $370,000.

Canberra was the only capital to fall in value, with prices dropping by 1.0 per cent to $520,000.

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