Australian property prices rise

Australian property prices rise

Posted on Wednesday, June 11 2014 at 1:18 PM

The nation’s property recorded average capital city median price rises of 1.9 per cent for houses and 1.7 per cent for other dwellings in the March quarter 2014.

According to the Bendigo Bank/Real Estate Institute of Australia
(REIA) Real Estate Market Facts, all but two capital cities saw an
increase in house prices for the period.

Peter Bushby, president of the REIA, says the
results are subdued, but positive.

“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 per cent and 1.6 per cent respectively.”

Unsurprisingly,
Sydney has the highest median house price at $782,973.

Hobart
has the cheapest at $385,000, although it did see the highest percentile price
increase at 4.1 per cent for the quarter.

Bushby
says the results are far softer than in March quarter 2013.

“Compared to the same time last year, the
difference is much starker. The weighted average median house price rose 13.1
per cent over that period.”

For other dwellings, Sydney and Melbourne had
increases, with the largest rise being for Darwin – up eight per cent.

Adelaide, Perth, Canberra and Hobart recorded
falls for the median price for other dwellings while Brisbane remained
unchanged.

Bushby says their information reveals rents have
increased also.

“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.”

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