Melbourne, Sydney and some regions see most property action

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 weighted average median capital city house price in Australia for the September Quarter is now $562,503 or a rise of 3 per cent since the June quarter.   Apartments now average $460,315 which is an increase of 2.2 per cent over the same period. 

“Melbourne was again the leader in terms of city house prices, with a rise of 7.3 per cent for the quarter or 15.0 per cent compared to the September quarter of last year.  Sydney recorded a 4.2 per cent increase for the quarter and 11.7 per cent for the year.

“Not all of this quarter’s property buying activity was in Australia’s capital cities.  Australians are also enjoying great quality of life and attractive, affordable properties in many of our regions.

“Cities such as Newcastle and Wollongong in NSW are being re-discovered and with good reason, contributing to higher demand and strong price growth. Compared to the September quarter of 2012, apartments in these centres recorded 16.5 per cent and 13.1 per cent respectively.

“It’s a similar story in Geelong which recorded house price increases of more than 15 per cent compared with last year. In Bendigo, apartments recorded 11.3 per cent growth for the quarter and in Cairns, apartments recorded a 10 per cent increase.

In other regional areas, prices for houses in South Australia’s Riverland were up 15 per cent and in Mandurah, Western Australia, apartments picked up sharply to record 13 per cent growth over the quarter.

“At Bendigo Bank, we know that the property market is not always about the East Coast capitals. With our Headquarters in Bendigo and a brand new State office block opening soon  in Adelaide’s CBD  we’re committed to investing in communities all over Australia through our growing Community Bank network ®”, Mr Bice concluded.

Fast Facts

Median house prices up:

Sydney 4.2% to $722,718
Melbourne 7.3% to $590,000
Brisbane 0.2% to $442,125
Hobart 1.4% to $352,000

Median house prices down:

Adelaide 0.7% to $397,000
Perth 3.8% to $505,000
Canberra 0.1% to $510,000
Darwin 1.1% to $605,000