- The median weighted average capital city house price rose by 6.8% during March quarter
- For other dwellings this rose by 2.7%
- The average house median price among the capital cities is now $873,911
The March quarter saw the highest weighted average capital city median price increase in over a decade for both houses and other dwellings, according to the Real Estate Institute of Australia (REIA)’s Real Estate Market Facts report.
Adrian Kelly, REIA President, said the median weighted average capital city house price increased during the quarter by 6.8% for houses and 2.7% for other dwellings.
Last week, CoreLogic also calculated the quarterly price rise of 7%.
All the capitals rose, except Canberra, with the average median price now $873,911.
Unsurprisingly, Sydney continues to have the highest median at $1,309,195 – 49.8% above the national average.
“Over the 12 months to the March quarter, the weighted average capital city median house price by 11.1%,” said Mr Kelly.
“The weighted average median price for other dwellings for the eight capital cities increased to $621,313, representing a quarterly increase of 2.7%.”
Adrian Kelly, REIA President
While the median price for other dwellings increased in Sydney, Melbourne, Perth, Hobart and Darwin, Adelaide saw a decrease while Brisbane and Canberra remained steady.
In terms of rentals, the median for 3-bedroom houses across the capital cities rose to $452.50 per week, according to Mr Kelly.
“Over the past 12 months, the median rent increased in all capital cities except Melbourne where it remained steady. Darwin had the highest annual growth at 17.3% and now has the second-highest rent at $538.50 with Canberra the highest at $570 per week.”
2-bedroom other dwellings increased in Brisbane, Adelaide, Perth, Canberra, Hobart and Darwin, while remaining steady in Melbourne but decreasing in Sydney, with Perth recording the highest rise over the quarter at 8.3%.
The national capital city vacancy rate is currently at 3.3% with Melbourne’s high rate of 6.1% being primarily responsible for pushing the overall rate up.
This growth coincides with lending data released by the Australian Bureau of Statistics showing that the value of new loan commitments rose in April.