East coast house prices still heading up

by Adam Smith11 Sep 2014
Median house prices in the eastern seaboard capital cities have seen rises, but Perth and Hobart have been left out in the cold.

The Bendigo Bank/REIA Real Estate Market Facts Report shows median house prices across Australia rising 2% over the last quarter, with the national median house price now sitting at $617,232. While Melbourne, Sydney, Brisbane, Adelaide, Canberra and Darwin all saw some level of increase, REIA president Peter Bushby said prices were down in Perth and Hobart.

Melbourne saw the strongest increase, with the median house price rising 3.3% to $658,000. Sydney followed close behind with a 3.1% rise to $811,837. Bushby said the result was the first time Sydney had pushed past the $800,000 mark, reflecting the recent Adelaide Bank/REIA Housing Affordability Report's findings, which showed NSW has been the least affordable housing market for the five years since March 2009.