Houses up 4% year on year but dip for March quarter

According to the latest data from the Bendigo Bank/REIA Real Estate Market Facts report prepared by the Real Estate Institute of Australia, there has been a slight dip in the median house price across Australian capital cities for the March 2013 quarter.

Bendigo and Adelaide Bank’s Executive Retail, Dennis Bice, said “Despite the March quarter showing a slight decrease in the median house price of Australia’s capital cities, compared to the March quarter of 2012, the weighted average median house price has risen 4.0% in the past 12 months.  

“With the exception of Canberra, there has been median house price growth in all Australian capital cities.”

The weighted average median price for other dwellings for the eight capital cities was $434,601, a 0.9% drop, but compared to the March quarter of 2012, the weighted average median price for other dwellings for the eight capital cities increased 1.7%. 

“In terms of rentals nationally, median house rents increased over the March quarter across the capitals, with Perth and Canberra recording the highest increases of 4.4% and 4.3% respectively.  

“Rents for two bedroom other dwellings increased in Melbourne, Brisbane, Adelaide, Perth and Hobart while median other dwellings rents remained unchanged in Sydney and Canberra. Darwin recorded a 0.2% decline in rents for two bedroom other dwellings which probably reflects the increased supply of apartments coming online in the Top End’s capital.  

“Of course, there is no single real estate market in Australia, but these findings are a useful indicator as to where value can be found in different cities and in different market segments within those cities and the regions”, concluded Mr Bice 

Fast facts

• Quarterly Australian weighted average median house price is now $534,015
• Quarterly Australian weighted average median other dwellings price is $434,601                                           

Median house prices up

• Sydney 1.6% to $673,681
• Perth 1.0% to $505,000
• Darwin 2.4% to $592,000  ( up by 7.6% for the year)

Median house prices down

• Melbourne 0.9% to $545,000
• Brisbane 2.3% to $430,000
• Adelaide 1.3% to $395,000
• Hobart 1.4% to $360,000
• Canberra 8.7% to $482,500

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