There was mixed news for investors in the June quarter, with median prices increasing but rents for three-bedroom houses falling across most capital cities.
According to the latest Bendigo Bank/REIA Real Estate Market Facts report, median price growth has continued in the Australian residential property market, but the rise was not experienced across the board.
Real Estate Institute of Australia (REIA) president Peter Bushby said the weighted average capital city median price increased by 3.3 per cent for houses and 2.6 per cent for other dwellings over the June quarter.
“The weighted average for the capital city, median price had increased by 3.3 per cent for houses and 2.6 per cent for other dwellings over the June quarter 2013,” he said.
“The weighted average, median house price for eight capital cities is now $549,898, with Sydney, Melbourne, Brisbane, Adelaide and Darwin all contributing to the increase.”
Perth and Canberra, however, both dipped and Hobart recorded the biggest drop of 3.5 per cent.
“Hobart also has the lowest median house price at $347,300 while Sydney has the highest across the capital cities at $690,064,” he said.
“Compared to the same time last year, the median house price for the capital cities rose 6.1 per cent and with the exception of Hobart, went up in all capitals. Melbourne had the biggest jump over the year, up by 8.4 per cent.”
Despite the positive outlook for many capital cities, Mr Bushby said median house rents for three-bedroom houses decreased in most capital cities.
“Darwin had the only rise and there was no change in Perth or Hobart," he said.
“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.”