Melbourne leading capital in house price growth

by Maya Breen13 Mar 2015
Latest research from Bendigo and REIA shows ‘interesting trends’ around Australia’s residential property market.  

The latest edition of the Bendigo Bank/REIA Real Estate Market Facts Report has identified the December quarter bearing the strongest results for 2014, with Melbourne in the lead of median house price growth, up 5.3% for the December quarter to $881,971.

Sydney grew by 4.5% over the same period, with the apartment market median price in Adelaide increasing by 5.7%.

Darwin and Perth were the only two cities where median house prices were down; Darwin fell 4.1% to $585,000 and Perth fell 1.8% to $540,000.

“While median house prices cooled in Darwin and Perth, other sectors of the Australian residential property market contained a few surprises with strong growth for the last quarter of 2014,” Bendigo and Adelaide Bank executive retail Dennis Bice said.

“Sectors of the Canberra market, Wollongong, Inner Brisbane and Hobart recorded strong growth and regionally, the Gold Coast, Townsville, Kalgoorlie and Launceston also recorded significant growth,” Bice concluded.  

Median house prices were up in Brisbane and Canberra were up, by 3.5% to $482,000 and 1.9% to $545,000, respectively, while Hobart remained unchanged.

Across the eight capital cities, the weighted average median house price is now $641,457.