16 December 2013 Australia in growth phase: REIA

The Australian property market is currently undergoing a growth phase, according to the Real Estate Institute of Australia (REIA).

A report by the REIA shows the capital city median price increased on average by three per cent for houses and 2.2 per cent for other dwellings during the September quarter.

The median house price for the eight capital cities is now $562,503.

The greatest contributors to the rise in median price were Sydney, Melbourne, Hobart and Brisbane.

Compared to the same time last year, the combined average house price has risen by 9.5 per cent.

“At $722,718, the Sydney median house price is the highest across the capital cities,” REIA president Peter Bushby said.

“Hobart remains the lowest at $352,000, 37.4 per cent lower than the national weighted average.”

Perth experienced the biggest drop in median price during the quarter, with values falling by 3.8 per cent.

Median rents also experienced growth in the September quarter.

“The median house rent for three-bedroom houses increased in Sydney, Melbourne, Brisbane and Darwin,” Mr Bushby said.

“Rents remained unchanged in Adelaide and Canberra, while Perth and Hobart fell by one per cent and 2.1 per cent respectively.”

The outlook for the year was positive, Mr Bushby forecast.

“We expect continued steady improvement in activity in most markets and generally a more positive year ahead, provided there are no left-field global issues that emerge,” he said.

Reproduced in full with permission: Smart Property Investment Australia in growth phase: REIA 12 December 2013

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