Australian median house price shows modest growth for the March quarter

The latest edition of the Bendigo Bank/REIA Real Estate Market Facts Report identifies some interesting trends around Australia that should prove useful for people seeking suitable residential or investment properties across several price points.

Dennis Bice, Executive Retail, Bendigo and Adelaide Bank said “The Australian weighted average median house price is now $606,500 or 13.1% 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%, to $652,500, an increase in the rolling annual median house price of 13.7%.

“Sydney followed with an increase of 3.1% over the March quarter to $782,973, 16.9% higher than the figure for the same time last year.  Brisbane’s median house price fell 1.1% to $460,000 but still recorded an increase of 4.8% when compared to the same quarter in 2013.

“Hobart rose 4.1%, to $385,000, an increase of 6.9% when compared to the same quarter in 2013 while on the West Coast, the median house price for Perth fell 1.6% over the quarter to $540,000. Year on year, the figure for Perth represents a 4.9% increase.  Adelaide and Darwin both recorded quarterly increases of 0.9% and 1.6% respectively”, Mr Bice concluded.

Fast Facts: March quarter 2014

Quarterly Australian weighted average, median house price is $606,517 up from $594,945 in the December quarter.

Quarterly Australian weighted average, median other dwellings price is $483,320

Median house prices up:
Melbourne 3.7% to $652,500
Sydney 3.1% to $782,973
Adelaide 0.9% to $413,750
Canberra 1.5% to $520,000
Hobart 4.1% to $385,000
Darwin 1.6% to $620,000

Median house prices down:
Brisbane 1.1% to $460,000
Perth: 1.6% to $540,000