Sydney stays hot as other housing markets cool: Bendigo Bank/REIA
The most expensive capital city in the country looks like it'll stay that way for a while.
According to the September Quarter Bendigo Bank/REIA Real Estate Market Facts report, the other capital city housing markets are slowing down, while Sydney's growth forges ahead.
Over the quarter, Sydney's median house price increased by 3.8% to $843,994. All other capital city prices were down for the quarter. Hobart saw the biggest house price drop of 5.3% down to a median price of $360,000 – less than half of Sydney's median house price.
Bendigo Bank and the Real Estate Institute of Australia (REIA) recorded no change in Melbourne's median house price over the September quarter, which stayed constant at $640,000.
REIA chief executive Amanda Lynch said the cooling market conditions in conjunction with the interest rate climate should provide buying opportunities.
"The release of these figures is very timely given the recent developments last week that saw analysts shift from expectations of a rate rise in 2015 to the possibility of a rate cut," said Lynch.
"The prospect of not only continuing low interest rates throughout 2015 but also the possibility of a cut should stimulate much activity in the housing market with this report by Bendigo Bank and REIA showing the cooling market provides an ideal time for investors and first home buyers alike."
"With moderating prices in all capital cities except Sydney and Melbourne, first home buyers in particular should feel confident in being able to enter the market,” she noted.
Bendigo Bank and REIA's median house figures for the September quarter:
- Sydney - Up 3.8% to $843,99
- Melbourne - No change to $640,000
- Brisbane - Down 1% to $465,500
- Adelaide - Down 1.8% to $412,500
- Perth - Down 1.8% to $535,000
- Hobart - Down 5.3% to $360,000
- Canberra - Down 1.9% to $525,000
- Darwin - Down 1.7% to $610,000