Rising rents also continue to impact market, REIA says
Australian housing prices continued to rise over the March quarter, but other dwelling prices recorded falls, according to new data from the Real Estate Institute of Australia.
REIA president Hayden Groves said the March quarter saw an increase in the weighted average capital city median price for houses, while prices for other dwellings declined across the Australian property market.
“The Australian real estate market, at the end of March, was worth an extraordinary $10.2 trillion,” Groves said. “The weighted average capital city median price increased by 0.8% for houses, yet decreased by 0.8% for other dwellings.”
The weighted average median house price for the eight capital cities increased to $1,033,621 over the March quarter, REIA reported.
“The median house price rose in all capital cities except Melbourne, Darwin and Canberra,” Groves said. “Increases ranged from 0.1% in Perth to a substantial 8.2% in Adelaide.”
Sydney’s median house price of $1,590,932 continues to be the highest among the capital cities, 53.9% higher than the national average. Perth has the lowest median house price among the capital cities at $525,750, 49.1% lower than the national average.
The weighted average median price for other dwellings across the capital cities is $656,692, a quarterly drop of 0.8%, REIA reported.
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“Over the quarter, the median price for other dwellings rose in Brisbane, Adelaide and Darwin, remained stable in Perth, and declined in Sydney, Melbourne, Canberra and Hobart,” Groves said. “At $796,524, Sydney’s median price for other dwellings continues to be the highest among the capital cities, 21.3% higher than the national average.”
At $415,000, Perth and Darwin have the lowest median price for other dwellings among the capital cities.
Groves said that rents have risen across most capital cities, and extremely low vacancy rates present a challenge to many Australians looking for housing.