The Australian median house price has exceeded $650,000, after increasing by 2.4% over the first quarter of 2015.
According to the latest Bendigo Bank
/REIA Real Estate Market Facts publication, the national weighted average median house price is now $658,608. With the exception of Brisbane and Perth, all capitals contributed to the increase. The largest growth in house prices was reported in Darwin, which recorded a jump of 6.8% over the quarter.
However, the median house price in the notoriously heated Sydney market has now exceeded $900,000. At $929,842, Sydney has the highest median house price amongst the Australian capital cities. Compared to the same time last year, the weighted average median house price rose 8.9% in Australia’s largest city.
According to the report, the national weighted average median price for other dwellings rose 1.5% over the March quarter, to $517,929. Most capitals recorded increases; however prices fell in Adelaide, Perth and Canberra. Hobart had the largest jump across the capitals with the median price for other dwellings climbing 5.7% during the quarter.
REIA President Neville Sanders says he expects house prices to continue heading north for the remainder of the year.
“In 2015 we expect interest rates to stay low and growth in dwelling prices to continue, however changes to rules around foreign investment in Australian residential real estate may change the dynamic on the market,” he said.