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
Promoted Content
Recommended by Spike Native Network
Greg Hollands - Numb... - Quite frankly, I am sick and tired of "community expectations" used as an argument. If that were the case, many borrowers from banks would expect the.......
Tough Love - TC, if you are earning just above minimum wage running your business, then stop. Rather than whinge about how difficult it is, just stop. Go and get.......
Jimmy - How many people buy the book and never read it? How many people buy the unshod one's book and never read it? Like the article says, it's simple but.......
Jack - Oh dear ...... investable Income, budgets, Income-producing assets (well, makes a change from ‘growth’ assets, at least), and I suppose we should.......