Capital cities continue steady price rise

Posted on 24/04/2013  

Capital city housing markets continued their rise in the March Quarter, following growth in the December Quarter.

The March Quarter House Price Report from Australian Property Monitors shows an average result of 1.7% growth in the median house price over three months, with capital city prices now 3.2% higher than a year ago.

“The national housing market has recorded its best start to a year since the strong market conditions of 2010,” said Dr Andrew Wilson, senior economist for Australian Property Monitors.

“Buyer activity is set to increase through the remainder of 2013, driven by growing optimism and record low interest rates.”

Perth and Darwin are the growth leaders, both with median house prices at least 5% higher than a year earlier, following closely by Sydney.

Melbourne was another performer in the quarter, with prices rising 3.6% to $538,922 for houses and 2.6% for units – the best performance in Melbourne for three years. 

Hobart and Adelaide are the only capital cities with median houses prices lower than the levels of last year, according to these figures.

The apartment markets were less solid. The average result across the eight capital cities in the March Quarter was a decline of 0.7%, although overall the median price is a little higher than 12 months ago.

Darwin is doing particularly well in the apartment market – up 3.6% in the quarter and 6.3% for the year.

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