subscribe to our newsletter sign up

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.

Modest growth in residential property market
nestegg logo
subscribe to our newsletter sign up
FROM THE WEB
Recommended by Spike Native Network
Dave Shegonnacrash - Is that the tall poppies that pay your wages or fees? When tall poppies fall, jobs vanish quickly. I will be cutting a few jobs when the crash comes........
Anonymous - It is time that we had a Roya Commission just into those dreadful government departments who appear to do everything to protect the perpetrators and.......
Ross Cardillo - And i ask the question again, who is going to jail from Commonwealth Bank for their actions? They should be sharing a cell with their mates at ASIC
....
Anonymous - Really....$300k is a punishment amount!!!!! and on top asking them if they are happy....Really shame on ASIC, sorry to say, they are IMPOTENT at every.......