Housing market experiences growth

Housing market experiences growth

Posted on Wednesday, December 11 2013 at 4:22 PM

The Australian housing market will continue to improve into 2014 as figures for the September quarter show an increase in the weighted average median house price, according to the Real Estate Institute of Australia (REIA).

Data from the Bendigo Bank/REIA
Real Estate Market Facts
shows an increase of three per cent in the
weighted average capital city median house price in the September quarter and a
9.5 per cent increase compared to the same time last year.

A rise of 2.2 per
cent was also reported for the weighted average capital city median price for
other dwellings.

There was good
news for property investors in some centres as well, according to REIA president
Peter Bushby, with the median house rent for three-bedroom houses in Sydney,
Melbourne, Brisbane and Darwin increasing over the September quarter.

“For the next
year we expect interest rates to stay relatively low and continue to assist the
market. We expect continued steady improvement in activity in most markets and
generally a more positive year ahead provided there are no left-field global
issues that emerge,” Bushby says.

The report found
the weighted average median house price for eight capital cities was now
$562,503 with Sydney, Melbourne, Brisbane and Hobart contributing to the
increase. However, Perth recorded the biggest drop, falling 3.8 per cent.

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