Patchy price variations of residential property in Australia’s capital cities resulted in an overall median price increase in the March quarter of 2014, according to the Bendigo Bank/Real Estate Institute of Australia(REIA) Real Estate Market Facts.
REIA President Peter Bushby says, “The weighted average capital city median price increased 1.9% for houses and 1.7% for other dwellings during the quarter.”
“The weighted average median house price for the eight capital cities is now $606,517 with Sydney, Melbourne, Adelaide, Canberra,Hobart and Darwin all contributing to the rise.”
“Brisbane and Perth fell by 1.1% and 1.6% respectively.”
“At $782,973, the Sydney median house price is the highest of the capitals . Hobart remained the lowest priced at $385,000, which is 36.5% lower than the national weighted average.”
“Compared to the same time last year, the difference is much starker. The weighted average median house price rose 13.1% over that period.”
“For other dwellings, the weighted average median price for the eight capital cities was $483,230 over the March 2014 quarter and that’s a 9.5% rise from a year earlier.”
“The rental market tightened further and as a result, median house rents increased in most of the capital cities and solid increases were also seen in rents for other dwellings.”
“A tightening rental market is another indicator that the Federal Government did the right thing leaving negative gearing in its current form and its retention is critical to maintain the supply of housing and the level of rents,” concluded Mr Bushby.
The Real Estate Institute of Australia (REIA) is the national professional association for real estate agents in Australia.