Australian residential property market 'steady'
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 for the September quarter is now $620,900 or 0.7 per cent higher when compared with the June quarter.
"House prices rose 3.8 per cent in Sydney, but as the property market takes a breather after eight consecutive quarters of growth, prices remained unchanged for Melbourne and became more affordable in the other State capitals.
"The Australian weighted average median house price has been rising steadily since the September quarter of 2012, but with history to guide us, we know that markets move in cycles and this latest finding suggests that first-home buyers in particular may finally have a chance to build a deposit and enter the market before the next cycle begins.
"First home buyers currently comprise just 12% of the Australian owner occupied market, the lowest since the Australian Bureau of Statistics started collecting figures on this cohort. Recent improvements in the number of first home buyers in WA, ACT, Tasmania and Queensland give cause for some hope that this is one statistic we will finally see heading upward", Mr Bice concluded.
Fast Facts: September quarter 2014
Quarterly Australian weighted average median house price is $620,901
Quarterly Australian weighted average median other dwellings price is $497,239
Median house prices up:
Sydney 3.8% to $843,994
Median house prices down:
Brisbane 1.0% to $465,500
Adelaide 1.8% to $412,500
Perth 1.8% to $535,000
Hobart 5.3% to $360,000
Canberra 1.9% to $525,000
Darwin 1.7% to $610,000
Median house prices unchanged:
Melbourne at $649,000
Median other dwelling prices up:
Sydney 1.6% to $580,861
Melbourne 1.2% to $503,000
Hobart 2.2% to $260,500
Darwin 5.2% to $510,000
Median other dwelling prices down:
Brisbane 1.3% to $384,900
Adelaide 3.1% to $315,000
Perth 3.3% to $435,000
Canberra 4.8% to $400,000