More positive signs for property
More positive signs for property
Posted on Wednesday, March 13 2013 at 3:32 PM
New analysis shows the capital city weighted median house price increased by 3.8 per cent over the December quarter.
According
to the latest Bendigo
Bank/Real Estate Institute of Australia (REIA) Real Estate Market Facts
report, capital city unit values also rose by 2.4 per cent in the past three
months of 2012.
The
weighted average median house price is now $533,099, REIA president Peter
Bushby says.
“All
capital cities contributed to the increase, with the largest increases in
Melbourne and Hobart, up 7.8 per cent and 7.4 per cent respectively,” Bushby
says. “Sydney continues to have the highest median house prices across all
capital cities at $656,415, 23.1 per cent above the weighted average.”
Brisbane
median house prices increased the least, recording a 1.2 per cent lift in the
December quarter to reach $435,000.
Compared
to the same three-month period in 2011, when weighted medians were 3.8 per cent
lower, Bushby says the signs are very positive.
Over the
whole of 2012, Darwin saw an incredible 12 per cent increase to its median
house price, driven by soaring demand from buyers and renters.
“Investors
are holding firm with strong yields, thanks to tight vacancy factors and the
impact on rent returns coupled with lower borrowing costs.”
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