Australian median house price growth up 6.1% year on year

The latest edition of the Bendigo Bank / REIA Real Estate Market Facts Report reveals some interesting trends around Australia that should prove useful for people seeking suitable residential or investment properties across several price points.

Dennis Bice, Executive Retail, Bendigo and Adelaide Bank said “The Australian weighted average median house price is now $549,898 or 3.3% higher compared with the revised figure for the March quarter 2013. Compared with the June quarter for 2012, the median Australian house price increased 6.1%.

“The June Quarter report also finds that Adelaide’s median house price has again broken through the $400,000 barrier, however, the standout capital city for price growth was Melbourne, where the median increased by 7.2%, to $569,000.

“This represents a rise of 8.4% for Melbourne compared with the same quarter in 2012. The median price for other dwellings in Melbourne jumped 5.6% compared with the March quarter, to $470,000.

“Sydney had the highest median house price across the capital cities at $690,064. This figure is 25.5% above the capital cities weighted average and well on the way to breaking through the $700,000 mark”, Mr Bice concluded.

Fast Facts

Quarterly Australian weighted average median house price is $549,898.
Quarterly Australian weighted average, median other dwellings price is $448,403.

Median house prices up:
Sydney 2.7% to $690,064
Melbourne 7.2% to $569,000
Brisbane 2.3% to $445,000
Adelaide 1.3% to $400,000
Darwin 3.4% to $612,000
Median house prices down:
Perth 0.2% to $514,000
Canberra 0.3% to $507,250
Hobart 3.5% to $347,300