Australian Median House Price Takes a Dip
The March quarter recorded a slight drop in the Australian weighted average median house price for capital cities, largely due to the drag factor of Brisbane, Melbourne and Adelaide. The weighted average median price for the eight capital cities fell 0.2% for houses to $534,015. Sydney, Perth and Darwin recorded increases over the quarter while Canberra recorded the largest drop, down by 8.7%.
Sydney continues to have the highest median house price across the capital cities at $673,681 – 26.2% above the weighted average. At $360,000, Hobart remains the capital with the lowest median house price.
Compared to the March quarter of 2012, the weighted average median house price rose 4.0% and with the exception of Canberra, median house prices increased in all capital cities. Darwin recorded the largest jump, up by 7.6%.
The weighted average median price for other dwellings for the eight capital cities was $434,601, a 0.9% drop.
Over the quarter, Perth and Hobart were the only capitals to record increases in median prices for other dwellings and as with house prices, the biggest quarterly fall in median prices for other dwellings was in Canberra.
Compared to the first quarter of 2012, the weighted average median price for other dwellings for the eight capital cities increased 1.7%. Hobart recorded the biggest rise, up by 13.7%, while prices in Adelaide and Canberra fell.
Over the quarter, median house rents increased throughout the capital cities with Canberra and Perth recording the largest increases, up by 4.4% and 4.3% respectively.
Compared to the March quarter of 2012, Hobart was the only capital to record a fall in the median house rent. Darwin had the nation’s largest increase, followed closely by Perth.
Over the quarter, rents for two bedroom other dwellings increased in Melbourne, Brisbane, Adelaide, Perth and Hobart. Median other dwellings rents remained unchanged in Sydney and Canberra while Darwin recorded a 0.2% decline.
Compared to the March quarter of the previous year, Darwin and Perth recorded the largest increases in median rents for other dwellings, up by 18.0% and 12.5% respectively.
For more information, please click on the link below:
