Melbourne drives rise in median house price: REIA
Melbourne led the rise in median house prices across Australian capital cities for the March quarter, according to the latest research from industry body the Real Estate Institute of Australia.
Weighted average median prices rose by 2.9 percent for houses and 2.5 percent for other dwellings.
Over the quarter, Melbourne had the largest increase in both the median price for houses, 7.6 percent and for other dwellings, 3.8 percent.
The weighted average median price for houses for the eight capital cities increased to $763,892, according to REIA Real Estate Market Facts for the March quarter 2017.
REIA president Malcolm Gunning said the median price was driven by increases in Melbourne and Sydney and, to a lesser extent, in Darwin.
“The weighted average median price for other dwellings increased to $587,290, again driven by median price growth in Melbourne and Sydney and, to lesser extent, in Perth, Canberra and Hobart,” are said.
“Median house prices decreased in Brisbane, Adelaide, Perth, Canberra and Hobart and, median prices for other dwellings decreased in Brisbane and Darwin.”
Median rents for three-bedroom houses rose in Sydney, Melbourne, Brisbane, Adelaide, Hobart and Canberra with Hobart leading with an increase at 5.7 per cent. Perth and Darwin experienced decreases.
Median rents for two-bedroom other dwellings increased in most capital cities with the largest rise in Hobart at 7.5 percent. In Melbourne and Perth, median rents for other dwellings remained steady while it fell in Darwin.
The weighted average vacancy rate for the eight capital cities remained steady at 2.9 percent during the March quarter. In most capital cities, the vacancy rates either remained steady or increased/decreased by 0.1 percentage points.
“The vacancy rate ranged from a high of 7.1 percent in Darwin to a low of 1.7 percent in Canberra, which had the tightest rental market for the quarter. With a rise of 0.1 per cent, Perth was the only capital city to see its vacancy rate increase,” Gunning said.
