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Capital city prices drop

Figures from the REIA/Bendigo Bank’s Market Facts report a slight drop in the Australian weighted average median house price for capital cities in the March quarter.

REIA President, Mr Peter Bushby says, “The Australian weighted average median house price for the eight capital cities fell 0.2% to $534,015.”

“Sydney, Perth and Darwin recorded increases over the quarter and Sydney continues to have the highest median house price across all capitals at $673,681 – 26.2% above the weighted average.

“Darwin recorded the largest jump for the year, up by 7.6%, while the median house price in Melbourne rose 4.8%.”

In the rental market over the quarter, the report says median house rents increased in all capital cities.

“Compared to the same time last year, Darwin and Perth recorded the largest increases in median rents for other dwellings, up by 18.0% and 12.5% respectively.

“Over the March quarter, Sydney and Adelaide recorded decreases in vacancy rates, down 0.1 percentage points for both capitals. With a vacancy rate of 1.8%, Sydney has the tightest rental property market and with a rate of 4.9%, Hobart has the largest oversupply of rental properties,” concluded Mr Bushby.

Meanwhile, property statistics company, RP Data, says the national average time that a house remains on the real estate market is 62 days, and for a unit, it is 51 days.

For more information and to view the Market Facts report, visit www.reia.com.au

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