Residential property on the move

The Bendigo Bank/REIA Real Estate Market Facts Report for the December Quarter records an increase in the Australian weighted average median house price of 3.8% compared to the September quarter 2012.

Other dwellings recorded an increase of 2.4%.
 
“Melbourne and Hobart in particular have seen strong growth in the past quarter and buyers are beginning to emerge around the country, encouraged by a continuing increase in housing affordability and a lower interest rate environment”, said Dennis Bice, Executive Retail, Bendigo and Adelaide Bank.
 
“We’re seeing some interesting trends around Australia that can assist in identifying properties that represent both value and the potential for growth.  There is solid growth in some parts of regional Queensland, South Australia and Central Victoria in particular.
 
“This stage in the property cycle is presenting some good opportunities in several Australian cities, particularly for those seeking to upgrade the family home. In other areas, buying may still be almost as affordable as renting.
 
“Home ownership, along with superannuation, is important in terms of helping to provide people with a secure retirement. 
 
‘’These results are promising for communities right across Australia, and we look forward to playing our part in helping people to achieve their financial goals”, concluded Mr Bice.

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