Australian median house price shows modest growth for the June quarter
The latest edition of the Bendigo Bank/REIA Real Estate Market Facts Report identifies 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 $617,200 or 13.2% higher when compared with the June quarter 2013.
"In terms of quarterly growth for the East coast capitals, the median house price in Melbourne rose 3.3%, to $658,000 or 16.7% for the year, followed by Sydney with an increase of 3.1% over the June quarter to $811,800 or 17% higher than the figure for the same time last year.
"Brisbane's median house price increased by 2.2% to $470,000 an increase of 5.6% when compared to the same quarter in 2013.
"Activity wasn't all confined to the East coast. In the Adelaide market, more than one thousand sales in the 'other dwellings' category saw a 4.9% rise for the quarter", Mr Bice concluded.
Fast Facts: March quarter 2014
Quarterly Australian weighted average median house price is $617,232
Quarterly Australian weighted average median other dwellings price is $496,244
Median house prices up:
Melbourne 3.3% to $658,000
Sydney 3.1% to $811,800
Brisbane 2.2% to $470,000
Canberra 0.9% to $535,000
Adelaide 0.8% to $418,150
Darwin 0.1% to $620,800
Median house prices down:
Perth 2.7% to $535,000
Hobart 1.3% to $380,000
Median other dwelling prices up:
Adelaide 4.9% to $320,000
Sydney 3.9% to $573,200
Melbourne 1.9% to $502,000
Brisbane 1.3% to $390,000
Perth 0.2% to $449,000
Median other dwelling prices down:
Hobart 7.9% to $255,000
Darwin 7.6% to $485,000