Median prices across the Australian residential property market have grown but not in every state capital, according to the latest Bendigo Bank and Real Estate Institute of Australia (REIA) Real Estate Market Facts.
“The weighted average for the capital city median price increased by 3.3 per cent for houses and 2.6 per cent for other dwellings over the June quarter 2013,” REIA president Peter Bushby said.
“The weighted average median house price for eight capital cities is now $549,898, with Sydney, Melbourne, Brisbane, Adelaide and Darwin all contributing to the increase.”
However, Perth and Canberra both dipped and Hobart recorded the biggest drop of 3.5 per cent.
“Hobart also has the lowest median house price at $347,300 while Sydney has the highest across the capital cities at $690,064.
“Compared to the same time last year, the median house price for the capital cities rose 6.1 per cent and with the exception of Hobart, went up in all capitals. Melbourne had the biggest jump over the year, up by 8.4 per cent.”
Mr Bushby said there was mixed news for investors over the June quarter, with median house rents for three bedroom houses decreasing in most capital cities.
“Darwin had the only rise and there was no change in Perth or Hobart,” he said.
“However, compared to the June quarter of last year, Darwin and Perth had large increases in median rents for other dwellings, up by 18.6 per cent and 12.2 per cent respectively.”