House prices falter in March Quarter

by AB14 Jun 2013

Median house prices have taken a slight dip across Australian capital cities in the 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.

Bendigo and Adelaide Bank's executive retail, Dennis Bice, says that despite the March quarter showing a slight decrease in the median house price of Australia’s capital cities, the weighted average median house price has risen 4.0% in the past 12 months, compared to the March quarter of 2012.  

“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,” says Bice.  

 “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.”

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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