The March quarter recorded a slight drop in the Australian weighted average median house price for capital cities, largely due to the drag factor of Brisbane, Melbourne and Adelaide, according to the REIA Real Estate Market Facts report.
REIA President, Mr Peter Bushby says, “The Australian weighted average median house price for the eight capital cities fell 0.2% to $534,015.”
“Sydney, Perth and Darwin recorded increases over the quarter and Sydney continues to have the highest median house price across all capitals at $673,681 – 26.2% above the weighted average.”
“The Brisbane median house price fell 2.3% during the March quarter to $430,000, Melbourne fell 0.9% and Canberra had the biggest drop, down by 8.7%. Hobart remains the capital with the lowest median house price.”
“However, compared to the same time last year, the figures are positive as the Australian weighted average median house price rose 4.0% and with the exception of Canberra which fell 7.2%, prices increased in all capital cities,” added Mr Bushby.
“Darwin recorded the largest jump for the year, up by 7.6%, while the median house price in Melbourne rose 4.8%.” “The weighted average median price for other dwellings for the eight capital cities also fell by 0.9% over the March quarter to $434,601 but increased 1.7% compared to the March quarter of 2012.”
“In the rental market over the quarter, median house rents increased in all capital cities. Compared to the March quarter 2012, Hobart was the only capital to record a fall in median house rents.”
“Compared to the same time last year, Darwin and Perth recorded the largest increases in median rents for other dwellings, up by 18.0% and 12.5% respectively.”
“Over the March quarter, Sydney and Adelaide recorded decreases in vacancy rates, down 0.1 percentage points for both capitals. With a vacancy rate of 1.8%, Sydney has the tightest rental property market and with a rate of 4.9%, Hobart has the largest oversupply of rental properties,” concluded Mr Bushby.
Real Estate Institute of Australia. (2013). House Price Average Records Slight Drop (Media Release).