The median house price in Australia has gone up yet again as the housing market continued its growth in the first quarter of 2015, according to the latest Bendigo Bank/Real Estate Institute of Australia Real Estate Market Facts publication.

“The weighted average, capital city median price increased by 2.4 percent for houses and 1.5 percent for other dwellings," said REIA President Neville Sanders. “The weighted average, median house price for the eight capital cities is now $658,608 and with exception of Brisbane and Perth all capitals contributed to the increase. A 6.8 percent jump in Darwin was the largest across the capitals.”

In the March quarter, the median house price in Sydney reached the $900,000 mark and is now well above it at $929,842. The weighted average, median price for other dwellings for the eight capital cities was $517,929. Over the quarter, most capitals recorded increases; however prices fell in Adelaide, Perth and Canberra. Hobart had the largest jump across the capitals with the median price for other dwellings going up 5.7 percent.

“In 2015 we expect interest rates to stay low and growth in dwelling prices to continue, however changes to rules around foreign investment in Australian residential real estate may change the dynamic on the market,” said Sanders.