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


By

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


Cut & Paste conveys information received directly from the organisations concerned. Statements and releases published here have been selected for their relevance to the financial planning profession. They are generally unedited, and the views expressed do not necessarily reflect those of Professional Planner.


About The Author /

What is Cut + Paste? Cut + Paste contains news releases, statements and other information from organisations active in financial planning and related areas. Its aim is to convey that information to you directly from those organisations. Everything published in Cut + Paste has been curated for its relevance and topicality; otherwise, it is predominantly unedited. The views expressed in Cut + Paste do not necessarily reflect those of Professional Planner. To learn more, please click here.

Have your say

Will the measures announced in the budget affect your clients?
Vote Now