Modest rise in most capital city property prices
Modest price growth was recorded in most of the nation’s capital city property markets, according to new data from the Real Estate Institute of Australia (REIA).
In its December quarter Real Estate Market Facts report, most capital cities recorded increases in their median house prices, which are now up 0.7 per cent on-quarter to $522,696.
The biggest jump came from Hobart, which increased by 5.8 per cent, although it still has the lowest overall median price of the capitals.
“Despite the increase being small, the December quarter improvement is the best improvement recorded during the year,” the president of the REIA, Pamela Bennett, said.
Sydney’s median prices, although unchanged, remain the nation’s highest at $636,822.
Brisbane was the only city to report a loss when compared to the previous quarter.
“Brisbane recorded a negligible fall of 0.6 per cent to $425,000 – the lowest decline in the capital city’s house price since the March quarter 2011,” Ms Bennett said.
Over the year, Darwin had the biggest decline in price of all the capitals, recording a fall of 7.8 per cent to $516,000.
The median price for other dwellings also rose by 0.1 per cent overall. Some big falls across Sydney and Canberra in this market saw drops between 1.1 and 2.6 per cent respectively.