Australian house prices on the rise: REIA
Melbourne has lead the way for house price growth in the September quarter, but regional towns Newcastle and Wollongong apartments are the top performers, according to the latest Bendigo Bank/ REIA Real Estate Market Facts Report.
Melbourne city house prices rose 7.3% for the September quarter to $590,000, a 15% increase compared to the September quarter of last year.
Sydney recorded a 4.2% increase for the quarter to $722,718, an 11.7% increase for the year.
“Not all of this quarter’s property buying activity was in Australia’s capital cities. Australians are also enjoying great quality of life and attractive, affordable properties in many of our regions,” says Dennis Bice executive retail, Bendigo and Adelaide bank.
Newcastle apartments experienced an increase of 16.5% for the September quarter and Wollongong apartments increased 13.1%.
“It’s a similar story in Geelong which recorded house price increases of more than 15% compared with last year,” says Bice.
“In Bendigo, apartments recorded 11.3% growth for the quarter and in Cairns, apartments recorded a 10% increase.
“In other regional areas, prices for houses in South Australia’s Riverland were up 15% and in Mandurah, Western Australia, apartments picked up sharply to record 13% growth over the quarter,” says Bice.
Brisbane house prices increased 0.2% for the quarter to $442,125 and Hobart increased 1.4% to $352,000.
Perth experiences the biggest dip, down 3.8% for the quarter to $505,000.
The average median capital city house price in Australia for the September quarter rose 3% to $562,503, since the June quarter.
“For the next year we expect interest rates to stay relatively low and continue to assist the market," says REIA president Peter Bushby.
"We expect continued steady improvement in activity in most markets and generally a more positive year ahead provided there are no left-field global issues that emerge," says Bushby.
Median house prices up:
Sydney 4.2% to $722,718
Melbourne 7.3% to $590,000
Brisbane 0.2% to $442,125
Hobart 1.4% to $352,000
Median house prices down:
Adelaide 0.7% to $397,000
Perth 3.8% to $505,000
Canberra 0.1% to $510,000
Darwin 1.1% to $605,000