The latest REIA Market Facts report shows over the quarter, most capitals recorded increases but prices fell in Adelaide, Perth and Canberra.
Australia’s housing market continued its growth in the third quarter of 2015 but the rate of growth was slower than in the previous quarter, according to the latest REIA Real Estate Market Facts publication. “The weighted average, capital city median price increased by 2.3% for houses and 2.1% for other dwellings," said REIA President Neville Sanders. “The weighted average, median house price for the eight capital cities is now $698,826. Growth in Sydney and Melbourne are the primary drivers, especially when it comes to annual changes. Over the quarter, Perth, Hobart and Darwin saw decreases in median house prices while Brisbane had a marginal increase of 0.2%.” Compared to the same time last year, the weighted average median house price rose 12.6%, said Sanders. The weighted average, median price for other dwellings for the eight capital cities was $549,125. Over the quarter, most capitals recorded increases but prices fell in Adelaide, Perth and Canberra. House rents remained unchanged or declined during the third quarter while vacancy rates crept higher.
With the exception of Sydney, Australian capital cities indicated a balanced or oversupplied rental market. “The September quarter figures highlight the diversity of the Australian housing market attributable to the local factors which influence each market," said Sanders. "We have seen the median price of housing in Sydney increase by 22.6% over the year and breach the $1 million mark – almost three times the median price for Hobart – whilst in Perth it has decreased by 5.0%." SEPTEMBER QUARTER SNAPSHOT - Quarterly Australian weighted average median house price is $698,826 - Quarterly Australian weighted average median other dwellings price is $549,145 Median house prices up: - Sydney 3.6% to $1,040,129 - Melbourne 4.5% to $729,500 - Brisbane 0.2% to $480,000 - Canberra 3.1% to $566,000 Median house prices down: - Perth 3.8% to $527,250 - Hobart 5.2% to $357,000 - Darwin 0.7% to $605,500 Median house prices unchanged: - Adelaide at $430,000 Median other dwelling prices up: - Sydney 2.8% to $683,746 - Melbourne 2.6% to $532,000 - Brisbane 1.9% to $397,500 - Hobart 6.2% to $289,000 - Darwin 3.0% to $494,500 Median other dwelling prices down: - Adelaide 2.1% to $325,000 - Perth 0.3% to $428,500 - Canberra 4.8% to $403,750