Property prices rose in the December quarter

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Property prices are still rising in Australia, with the weighted average median price of the eight capitals up 1% to $769,501 in the December quarter, according to the Real Estate Institute of Australia’s (REIA) Real Estate Market Facts report.

Prices rose in the December quarter in all capitals except for Canberra, which dipped 2.7%.

“The weighted average median price for other dwellings increased 0.6 per cent [to] $590,455 over the quarter, with prices increasing in all capital cities except for Sydney, down 0.4 per cent, and Darwin, sliding 7.4 per cent,” said Malcolm Gunning, president of REIA. “Hobart had the largest increase in the median price for both houses, at 5.2 per cent, and for other dwellings, at 4.8 per cent.”

Over the quarter, median rents for three-bedroom houses rose or remained steady in all capitals, with Hobart experiencing the biggest increase (+2.7%). “Median rents for two-bedroom other dwellings were variable among the capital cities,” REIA said.

The median rent rose in Hobart (+3.2%), remained steady in Brisbane and Melbourne, but decreased in Sydney, Adelaide, Perth, Darwin, and Canberra. Perth experienced the largest decrease at 4.7%.

“The weighted average vacancy rate for the eight capital cities remained steady on 2.8 per cent during the December quarter 2017,” Gunning said. 

“Vacancy rates decreased in most capital cities including Melbourne, Perth, Canberra, Hobart and Darwin, with the largest decreases of 0.6 percentage points in Canberra and Darwin. 

“Vacancy rates increased in Sydney and Brisbane, while only Perth and Darwin had vacancy rates above the industry benchmark of 3.0 per cent.”

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