Australian median house price growth up 5.7% for the December quarter



March 12, 2014

The latest edition of the Bendigo Bank / REIA Real Estate Market Facts Report reveals some interesting trends around Australia that should prove useful for people seeking suitable residential or investment properties across several price points – and it’s not just Australia’s East Coast capitals that are experiencing growth.

Dennis Bice, Executive Retail, Bendigo and Adelaide Bank said: “The Australian weighted average median house price is now $598,044 or 5.7% higher compared with the September quarter 2013. This is a 13.1% increase for the year.

“The December quarter was a standout in terms of capital city price growth for Melbourne, where the median house price increased by 7.3%, to $643,000″

“This represents a rise of 21.9% for Melbourne compared with the same quarter in 2012. The median price for other dwellings in Melbourne jumped 6.1% compared with the September quarter, to $505,000 or 11.8% for the year.

“Middle Melbourne recorded a 15.7% increase in house prices for the year, with solid growth in the regions.  There was also an 11.3% rise in Bendigo, however, Geelong had the biggest increase in the apartment and townhouse market for the quarter, with 15.0% growth.

“Sydney had the highest median house price across the capital cities at $763,000, an increase of 15.1% over the year when compared to December 2012 or 6.0% for the quarter.  Wollongong house prices grew slightly higher than Inner Sydney houses for the December quarter with 5.8% and 5.7% respectively.

“Since December 2012, Queensland has seen growth of 5.7% for houses in Brisbane, while the Sunshine Coast and Townsville recorded quarterly increases of 3.6% and 3.2% respectively.  Apartments and townhouses also grew over the quarter by 7.7% in Townsville and 6.3% on the Sunshine Coast.

“In Adelaide, Inner ring houses were up by 7.9% for the quarter and 10.6% for the year. In regional South Australia, Mt Gambier has seen 7.5% growth for the year and 20.9% growth in the ‘other dwelling’ category, Mr Bice concluded.

Fast Facts: December quarter 2013
Quarterly Australian weighted average, median house price is $598,044
Quarterly Australian weighted average, median other dwellings price is $482,584

Median house prices up:
Sydney 6.0% to $763,169
Melbourne 7.3% to $643,000
Brisbane 5.2% to $465,000
Adelaide 2.5% to $410,000
Perth 3.9% to $535,000
Canberra 2.0% to $520,000
Hobart 5.1% to $370,000
Darwin 0.8% to $610,000

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