The weighted average median house price for the eight Australian capital cities is now $641,457, and property prices increased over the last quarter in Sydney, Melbourne, Brisbane, Adelaide and Canberra. Perth and Darwin recorded
decreases while the figure remained unchanged in Hobart, according to the latest quarterly report from the Real Estate Institute of Australia that provides a snapshot of the nation's real estate sector.

2014 ended on a high note with strong housing price gains recorded across the nation, The Bendigo Bank Real Estate Market Facts report shows. “The December quarter 2014 showed the strongest results for the year of 2014 with an increase of 3.5% for the weighted average capital city median house price," said REIA CEO Amanda Lynch. “This is good news for home owners as the value of their properties has risen and it is particularly good news for those wanting to sell.”

Sydney’s median house price is $881,971, by far the highest price among the capital cities and Hobart continues to feature Australia’s lowest median house price at $360,000.

“This price gap is important to bear in mind as while property is strong in many cities, the growth in prices is certainly not uniform across Australia," said Lynch. “Late last year, the Australia Prudential Regulatory Authority (APRA) introduced measures to clamp down on investment lending and many in the sector saw this is the first step towards the implementation of macro prudential tools. With such variation across Australia in price growth, the regulators needs to be cautious about not constraining the sector."