Quarterly results point to more gains in 2014

Quarterly results point to more gains in 2014

Posted on Wednesday, March 12 2014 at 12:46 PM

The release of the Bendigo Bank/REIA Real Estate Market Facts report shows house prices grew by almost six per cent in the December quarter 2013, and the upswing is likely to continue.

Peter Bushby, president of the Real Estate
Institute of Australia (REIA), says the outcome will give property owners a
reason to smile.

“Solid results for Sydney and Melbourne as well as strong
performances in Perth, Brisbane and Darwin in the last year’s final quarter
have proven that some markets are well into a growth phase.

“The weighted average, capital city median
price increased by 5.7 per cent for houses and 4.5 per cent for other
dwellings.”

Bushby says gains weren’t limited to just
Sydney, with the weighted average median house price for the eight capital cities
now at $598,044.

“All capitals contributed to the increase, with the largest rise
in Melbourne, up by 7.3 per cent.”

Bushby says dwelling values are much higher
than a year ago.

“Compared to the same time last year, the
weighted average median house price rose 13.1 per cent.”

The good result wasn’t just limited to detached
housing, with other property types also gaining.

“The weighted average, median price for other
dwellings for the eight capital cities was $482,584.

“Over the quarter, with the exception of
Darwin, all Australian capitals had increases.”

Bushby says these outcomes, and steady
economic influences, bode well for continued growth this year.

“In 2014 we expect interest rates to stay low
and continued steady improvement in activity in most markets.

“It should be generally a positive year,
provided there are no unforeseen global issues that emerge.”

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