Melbourne feeling the pinch

by AB13 Mar 2014
Your prospective clients in Melbourne will have been feeling the pinch recently, as figures show the Victorian capital has had the biggest increase in median house prices across Australia in the December quarter.

Median house prices in Melbourne are up 7.3% to $643,000, the latest study from Real Estate Institute of Australia and Bendigo Bank shows.

Sydney has experienced the next highest rise, with 6% to $763,169, and Brisbane the third highest, up 5.2% to $465,000.

Sydney’s median house price is the highest among the capitals. Hobart remains the lowest at $370,000, which is 38.1% below the national weighted average.

Compared to the same time last year, the weighted average median house price rose 13.1%.

The weighted average for the eight capital cities is now $598,044, an increase of 5.7% from the September quarter.

Over the quarter, all Australian capitals had increases with the exception of Darwin, which fell by 5.2%.

Australia’s housing market is in a growth phase but this is “mixed news” for investors, REIA president Peter Bushby said.

“In 2014 we expect interest rates to stay low and continued steady improvement in activity in most markets. It should be generally a positive year, provided there are no unforeseen global issues that emerge.”