It's no surprise that people wanting to get into the market have to save for a bigger deposit than only a few years ago.

REIA President Adrian Kelly said REIA Real Estate Market Facts for the December 2019 quarter show weighted average median prices increased by 4 per cent for houses and by 3 per cent for other dwellings. 

“In the December quarter 2019 the weighted average median price for houses for the eight capital cities increased to $775,918,” Mr Kelly said. 

“Over the quarter, the median house price increased in all capital cities with Hobart having the highest increase (7.8 per cent).”

remf_q1.jpg

Source: REIA

For people buying a house in Hobart, means on average they will be expected to fork out around $550,000.

Mr Kelly said it was no surprise that Sydney's median house price was the highest amongst all capital cities.

“At $1,142,212, Sydney’s median house price continues to be the highest amongst the capital cities, 47.2 per cent higher than the national average," said Mr Kelly. 

“At $460,065 Darwin has the lowest median house price across Australian capital cities, 40.7 per cent lower than the national average.” 

The report also reveals 12 monthly figures to the December quarter, with the weighted average capital city median house price increasing by 4.6 per cent.  

For other dwellings, other than houses, the weighted average median price over the quarter to December 2019 for the eight capital cities increased to $600,505, a quarterly increase of 3.0 per cent. 

Over the quarter, the median price for other dwellings increased in Sydney, Melbourne, Canberra, Hobart and Darwin but decreased in Brisbane, Perth and Adelaide.  

Over the 12 months to December  the weighted average capital city median price for other dwellings increased by 3.7 per cent. 

Mr Kelly noted when it came to rentals over the quarter the median rent for three bedroom houses increased in all capital cities except for Melbourne, which remained steady and Sydney, which decreased. 

“The median rent for two-bedroom other dwellings was more variable, decreasing in all capital cities except Brisbane, Adelaide and Darwin and remaining stable in Perth," said Mr Kelly. 

“The weighted average vacancy rate for the eight capital cities increased to 2.7 per cent during the December quarter, which shows a slight easing in the market compared to last quarter." 

Increase of median house price snapshot for capital cities:

•    Hobart 7.8% to $550,000 
•    Canberra 7.4% to $705,500 
•    Sydney 5.7% to $1,142,212 
•    Melbourne 3.7% to $859,500 
•    Adelaide 2.6% to $488,400 
•    Perth 2.1% to $495,000 
•    Brisbane 1.3% to $542,000 
•    Darwin 0.0% to $460,065

To subscribe to REIA reports click here.

Similar to this:

Median house price reaches record highs for SA

Median house price for Melbourne lowest since 2016, REIV

Buyers are in the driver’s seat as the median selling time trends higher