House prices have increased over the June quarter, according to the latest statistics, but are still significantly down from June 2011.
The Real Estate Institute of Australia (REIA) released the data today, showing a weighted average increase of 1.4% for houses across Australian capital cities.
It reported a mere 0.6% increase for “other dwellings.”
Sydney remains Australia’s most expensive city, with a median price of $642k, which is 23.6% above the national weighted average.
While Hobart maintained its spot as Australia’s cheapest city, it showed the most growth with a 4.8% increase over the last quarter.
Meanwhile, Melbourne showed the largest decrease in property prices over the year, falling by 5.3% from the same results in June 2011.