Median house prices in five of Australia’s seven capital cities increased during the December quarter, according to recently released figures by the Real Estate Institute of Australia (REIA).
With every Australian capital except Perth and Canberra recording a quarterly house price increase, and other dwellings performing moderately, the weighted average capital city median price of the residential property market increased 2.4% over the quarter to reach $545,873, says the REIA.
The best performer for houses was Melbourne, which recorded a quarterly median price increase of 6.9% to reach $601,500, while Perth sits at the other end of the table at -1.8% ($480,000).
“Sydney, Melbourne and Darwin recorded the highest median house prices while the lowest were evident in Hobart, Adelaide and Brisbane,” said REIA president David Airey.
“The rate of house price growth slowed over the year and is approaching the ten year annual average of 6.1%. Compared to the same quarter of the previous year, house prices increased 6.1% nationally.”
When it came to non-house dwellings, the weighted average capital city median price increased just 0.8% over the quarter.
Darwin was the best performer for other dwellings, seeing a 6.4% increase to reach a median price of $438,000, while Canberra’s decrease of 2.3% was the worst performance in this category.
With interest rates at their lowest for more than 50 years, there are some great rates available. The best thing to do is to compare rates from all the lenders. Let us help take the leg work out of doing this - Compare Home Loans now
Top Suburbs :
Get help with your investment property
Do you need help finding the right loan for your investment?
When investing in property, it is important to make sure that you not only have the lowest available rate that you can get, but also have the correct loan features for your needs.
Just fill in a few details below and we'll then arrange for a local Aussie Mortgage Broker to contact you and work out what features or types of loans are right for your needs. We'll even help with the paperwork. Plus and appointment is free.
We value your privacy and treat all your information seriously - you can check out