The average house price across Australian capital cities has declined in the first quarter of 2018.
The latest research from the Real Estate Institute of Australia (REIA) saw the weighted average median prices fall by 0.1% at $770,086 for houses and 0.2% at $593,183.
While house prices did increase in Hobart, Melbourne and Adelaide, the decrease in Darwin, Perth, Sydney, Brisbane and Canberra dragged the national average down. Canberra had the largest fall in house prices and Darwin had the largest in other dwellings.
REIA President Malcolm Gunning said, “This is the first time since September 2006 that Hobart hasn’t had the lowest house median price for all capital cities on the back of an increase of 7.2% over the quarter and 20% over the previous year.
“Adelaide now has the lowest median house price at $470,000 some 39% lower than the national average."
Gunning said despite the falls over the quarter, the weighted average capital city median house price has actually increased over the 12 months by 2.2%, on the back of rises in all capital cities except Perth and Darwin.
Explaining the prices for types of housing, Gunning added, “Over the quarter, median rents for three-bedroom houses increased in all capital cities except Darwin.
"Median rents for two-bedroom other dwellings performed better with all cities increasing their medians."
Gunning said the weighted average vacancy rate for the eight capital cities decreased to 2.6% during the March quarter indicating a tighter rental market.
He said, “Canberra has the tightest market with a vacancy rate of 0.5% which is the lowest rate for a capital city since March 2008 and for Canberra since the early 1980s."
Also in Canberra over the March quarter, the median house price for Canberra decreased to $641,000, a decrease of 3.6% over the quarter but an increase of 1.7% over the previous year.
In Sydney, the median house price decreased to $1,150,357, a 2.6% decrease over the quarter and a decrease of 1.4% over the previous year.
The median house price in Darwin increased to $505,000, a decrease of 1.6% over the quarter and a 4.7% since the previous year.
For Brisbane median house prices decreased to $515,000, a decrease of 2.8% over the quarter but an increase of 2% over the previous year.
Adelaide’s median house price increased to $470,000, an increase of 1.1% over the quarter and 2.2% over the previous year.
In Hobart the median house price increased to $492,000, an increase of 7.2% over the quarter and of 20% over the previous year.
House prices in Melbourne increased to $855,000, an increase of 4.4% over the quarter and 7.4% over the previous year.
In Perth house prices decreased by 1.9% to $510,000 and a decrease of 1% over the previous year.
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