House prices continue to grow

House prices continue to grow

Posted on Wednesday, September 11 2013 at 2:28 PM

Capital city property markets continue to rebound and median prices in most centres increased over the June quarter, according to the latest Bendigo Bank/Real Estate Institute of Australia (REIA) Real Estate Market Facts report.

While the housing sector recovery is well and truly under
way, REIA president Peter Bushby says the uplift isn’t across the board.

The combined median price across eight capitals grew by 3.3
per cent for houses and 2.6 per cent for units and other dwellings in the three
months to June.

“The weighted average capital city median house price is now
$549,898 with Sydney, Melbourne, Brisbane, Adelaide and Darwin all contributing
to the increase,” Bushby says.

“However Perth and Canberra both dipped and Hobart recorded
the biggest drop.”

Those few dips aside, the result shows that markets are
continuing their recovery phase after most bottomed out around the middle of
last year.

Compared to this time in 2012,
the median house price for capital cities is up 6.1 per cent and, with the
exception of Hobart, went up in all capitals.

Melbourne had the biggest jump
over the past year, up by an impressive 8.4 per cent, Bushby says.

“There was mixed news for
investors too over the June quarter, with median house rents for three-bedroom
houses decreasing in most capital cities. Darwin had the only rise and there
was no change in Perth or Hobart. However, compared to the June quarter of last
year, Darwin and Perth had large increases in median rents for other dwellings,
up by 18.6 per cent and 12.2 per cent respectively.”

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