REIA: Growth Phase For Australian Capital City Property
Australia’s capital cities are in a period of growth when it comes to the real estate market and housing conditions across the nation, according to the latest Bendigo Bank/Real Estate Institute of Australia (REIA) release.
The report found median prices for properties were increasing across the country, with the median prices in the capital cities increasing by 3 per cent for houses and 2.2 per cent for other dwellings during the September quarter.
Peter Bushby, president of the REIA, indicated the median house price across all eight capital cities was now resting at $562,503 – a fantastic result for the nation and a sign of the industry recovery.
Mr Bushby went on to say that Sydney, Melbourne, Brisbane and Hobart were some of the main cities to contribute towards the growth, while Perth dropped by 3.8 per cent – the largest capital city median value fall.
“At $722,718, the Sydney median house price is the highest across the capital cities. Hobart
remains the lowest at $352,000, 37.4 per cent lower than the national weighted average,” said Mr Bushby in a December 11 statement.
When compared to this time last year, the average median house price has risen by 9.5 per cent, indicating some stunning annual growth for the nation’s markets.
“The weighted average median price for other dwellings for the eight capital cities was
$460,315 over the quarter with Sydney, Melbourne and Darwin recording rises, while Adelaide had the biggest quarterly fall, down by 3.2 per cent,” said Mr Bushby.
In conclusion, Mr Bushby indicated his belief that this growth will continue into the new year. With interest rates expected to remain relatively low, the outlook was for a “more positive year” as we welcome in the new year.