Property to be more affordable in 2013

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When all the confetti and fireworks have settled and property investors look to the new year ahead they should feel assured that a number of affordability drivers are working in their favour

The capital city weighted average median price decreased by 0.6% for houses and by 1.2% for other dwellings over the September quarter, according to the Bendigo Bank/REIA Real Estate Market Facts publication.

Real Estate Institute of Australia (REIA) President Peter Bushby says the weighted average median house price for the eight capital cities now stands at $515,669.

“There has been a slight dip since the June quarter; however the median house price has not changed when compared to the same period last year.”

With the exception of Melbourne and Canberra, Bushby says all capitals contributed to the decrease.

“The largest decrease was in Hobart, down 8.1% to $340,000. However, compared to the June quarter, the median house price increased in Canberra by 1.5% and by 1.0% in Melbourne. Sydney continues to have the highest median house price across the capital cities at $641,890, 24.5% above the weighted average, while compared to the same time last year, Darwin recorded the largest increase, up by 12%.”

According to the report, Adelaide’s median house price dipped by 2.3% over the September quarter to $386,000, while the median house price in Brisbane decreased by 0.7% over the quarter to $430,000.

“The news is good for investors with improving yields, thanks to tight vacancy factors and the impact on rental returns coupled with lower borrowing costs.”

Hobart is the only capital to record a decrease in the median rent for houses, down by 3.0%, while Sydney, Melbourne, Adelaide and Canberra remained unchanged and Brisbane, Perth and Darwin recorded increases.

“With improved affordability and a stable price environment, I would expect to see renewed interest in housing in the new year.”

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