Modest growth in residential property market
The Australian residential property sector has recorded modest growth for the March quarter, according to a report released yesterday.
The Bendigo Bank and REIA Real Estate Markets Facts Report stated the weighted average capital city median price rose 1.9 per cent for houses and 1.7 per cent for other dwellings.
Bendigo and Adelaide Bank executive retail Dennis Bice said the Australian weighted average median house price is now $606,500 or 13.1 per cent higher when compared with the March quarter 2013.
“In terms of quarterly growth for east coast capitals, the median house price in Melbourne rose 3.7 per cent, to $652,500, an increase in the rolling annual median house price of 13.7 per cent,” he said.
“Sydney followed with an increase of 3.1 per cent over the March quarter to $782,973, 16.9 per cent higher than the figure for the same time last year,” he added.
At $782, 973, Sydney’s median house price is the highest amongst the Australian capital cities.
Despite the largest quarterly increase, Hobart maintained the lowest median house price, with the figure $385,000 still 36.5 per cent lower than the national average.
According to the report, the quarterly Australian weighted average, median house price is $606,517 up from $598,044 in the December quarter.
The quarterly Australian weighted average, median price for other dwellings is $483,320.
