Powered by MOMENTUM MEDIA
subscribe to our newsletter sign up

Website Notifications

Get notifications in real-time for staying up to date with content that matters to you.

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.

Advertisement
Advertisement

“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.

Modest growth in residential property market
default
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Cynic - Do you think this wasn't considered when Mr Morrison took 4 months to set the election date? It is out of our control to deliver this year. Ha!....
Anonymous - Bulldust. This sounds like leftist badmouthing the government as the ASTO has already said that even if the legislation is passed after 1 July 2019 it.......
Anonymous - Happy days are here again for all the aspirational battlers and retirees who will not be ripped off by Labor's Tax grab.....
MelbMan - We dodged a real bullet with Saturday nights Federal election result. ....