Strong growth in non-capital cities

Strong growth in non-capital cities

18 December 2013 by Staff Reporter 0 comments

Staff Reporter

Satellite and regional city centres are contributing to strong growth in the housing market, according to the Real Estate Institute of Australia and Bendigo Bank quarterly market report.

The report shows the weighted average capital city median price increased by three per cent for houses and 2.2 per cent for other dwellings.

This takes the average median house price for the eight capital cities to $562,503.

While Sydney, Melbourne, Brisbane and Hobart contributed to the increase, Perth recorded the biggest drop, down by 3.8 per cent.

Dennis Bice, executive for retail at Bendigo and Adelaide Bank, said that while the capital cities were going strong, other cities were also contributing to the overall price rise.

“Cities such as Newcastle and Wollongong in New South Wales are undergoing a renaissance, contributing to higher demand and strong price growth,” Mr Bice said.

“Geelong saw house prices increase more than 15 per cent compared with last year, and other dwelling prices in Bendigo grew by 11.3 per cent for the quarter.

“Prices for houses in South Australia’s Riverland and Port Lincoln grew strongly compared to the same time last year, and in Mandurah, Western Australia, other dwellings showed 13 per cent growth over the quarter.”

At $722,718, the Sydney median house price is the highest across the capital cities. Hobart remains the lowest at $352,000 - 37.4 per cent lower than the national weighted average.

Staff Reporter

Satellite and regional city centres are contributing to strong growth in the housing market, according to the Real Estate Institute of Australia and Bendigo Bank quarterly market report.

The report shows the weighted average capital city median price increased by three per cent for houses and 2.2 per cent for other dwellings.

This takes the average median house price for the eight capital cities to $562,503.

While Sydney, Melbourne, Brisbane and Hobart contributed to the increase, Perth recorded the biggest drop, down by 3.8 per cent.

Dennis Bice, executive for retail at Bendigo and Adelaide Bank, said that while the capital cities were going strong, other cities were also contributing to the overall price rise.

“Cities such as Newcastle and Wollongong in New South Wales are undergoing a renaissance, contributing to higher demand and strong price growth,” Mr Bice said.

“Geelong saw house prices increase more than 15 per cent compared with last year, and other dwelling prices in Bendigo grew by 11.3 per cent for the quarter.

“Prices for houses in South Australia’s Riverland and Port Lincoln grew strongly compared to the same time last year, and in Mandurah, Western Australia, other dwellings showed 13 per cent growth over the quarter.”

At $722,718, the Sydney median house price is the highest across the capital cities. Hobart remains the lowest at $352,000 - 37.4 per cent lower than the national weighted average.

promoted content
Recommended by Spike Native Network
Listen to other installment of the Real Estate Business Podcast
reb top 100 agents 2016

With a combined sales volume of $13 billion in 2016, the Top 100 Agents ranking represents the very best sales agents in Australia. Find out what sets them apart and learn their secrets to success.

featured podcast

featured podcast
REVEALED: The 10 best agents in Australia for 2017

For the first time ever, the top 10 agents in the REB Top 100 Agents ranking are revealed in this exclusive podcast. ...

View all podcasts

Are dodgy agents being punished enough?

Yes (8.6%)
No (55%)
Only in some states (2.3%)
Not all dodgy agents are being found out (34.1%)

Total votes: 220
The voting for this poll has ended on: April 15, 2017
Do you have an industry update?