Australian weighted average median house price on the increase.

The latest edition of the Bendigo Bank/REIA Real Estate Market Facts Report identifies some interesting trends around Australia that should prove useful for people seeking suitable residential or investment properties across several price points.

Dennis Bice, Executive Retail, Bendigo and Adelaide Bank said “The Australian weighted average median house price is now $617,200 or 13.2% higher when compared with the June quarter 2013.

“In terms of quarterly growth for the East coast capitals, the median house price in Melbourne rose 3.3%, to $658,000 or 16.7% for the year, followed by Sydney with an increase of 3.1% over the June quarter to $811,800 or 17% higher than the figure for the same time last year.

“Brisbane’s median house price increased by 2.2% to $470,000 an increase of 5.6% when compared to the same quarter in 2013.

”Activity wasn’t all confined to the East coast.  In the Adelaide market, more than one thousand sales in the ‘other dwellings’ category saw a 4.9% rise for the quarter”, Mr Bice concluded.

Fast Facts: March quarter 2014

• Quarterly Australian weighted average median house price is $617,232
• Quarterly Australian weighted average median other dwellings price is $496,244

Median house prices up:

• Melbourne 3.3% to $658,000
• Sydney 3.1% to $811,800
• Brisbane 2.2% to $470,000
• Canberra 0.9% to $535,000
• Adelaide 0.8% to $418,150
• Darwin 0.1% to $620,800

Median house prices down:

• Perth 2.7% to $535,000
• Hobart 1.3% to $380,000

Median other dwelling prices up:

• Adelaide 4.9% to $320,000
• Sydney 3.9% to $573,200
• Melbourne 1.9% to $502,000
• Brisbane 1.3% to $390,000
• Perth 0.2% to $449,000

Median other dwelling prices down:

• Hobart 7.9% to $255,000
• Darwin 7.6% to $485,000

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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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Bendigo and Adelaide Bank’s Executive Retail, Dennis Bice, said the report shows there has been growth across a number of market sectors.

“The results underscore the old property adage that there really are ‘markets within markets’ both at different levels in different cities and in regional centres around the states and territories where good value and solid returns can still be found,” Mr Bice said.

The report also revealed an increase in the number of loans to first home buyers, which increased by 5.9 per cent to 25, 101 over the June quarter 2012, up from the June quarter of the previous year by 11.8 per cent.  

“People have been putting the big decisions, such as upsizing or downsizing their housing preferences on hold for some time now but there is evidence to suggest that activity in the property market is beginning to build again, said Mr Bice.  

“Investors are also seeing strong demand for rentals in the major centres with tight vacancy rates.

“The positive impact this has on rental returns, coupled with lower borrowing costs, should see a more active spring real estate season,” he said. 

“The report also finds that around Australia, residential investment property returns for three bedroom houses and two bedroom ‘other dwellings’, such as apartments and townhouses  show an average annual return over the past five and 10 year periods in the range of 6.6 per cent to 16.2 per cent*,” Mr Bice concluded. 

To read the full report, click here.

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