This article is from the Australian Property Journal archive
FOR the first time in almost 12 years, Hobart’s median house prices are not the lowest of Australia’s capital cities, after prices jump by 20.0% over the past 12 months.
According to the REIA’s Real Estate Market Facts for the March quarter, the median house price across Australian capital cities fell by 0.1% over the three-month period to $770,086 for houses, and by 0.2% at $593,183 for other dwellings.
Median house prices were up in Hobart, Melbourne and Adelaide, and fell in Darwin, Perth, Sydney, Brisbane and Canberra.
Canberra had the largest fall in house prices, and Darwin the largest decrease in other dwellings.
After a 7.2% increase over the quarter, Hobart does not have the lowest house median price for all capital cities for the first time since September 2006.
Adelaide now has the lowest median house price, with its $470,000 around 39% lower than the national average.
REIA president, Malcolm Gunning said that despite the falls over the quarter, the weighted average capital city median house price had increased by 2.2% in annual terms, with rises in all capital cities over the period except Perth and Darwin.
“Over the quarter, median rents for three-bedroom houses increased in all capital cities except Darwin. Median rents for two-bedroom other dwellings performed better with all cities increasing their medians,” he said.
Weighted average vacancy rates for the eight capital cities firmed to 2.6% during the March quarter, indicating a tighter rental market.
Gunning said Canberra has the tightest market with a vacancy rate of 0.5%, which is the lowest rate for a capital city since March 2008, and for Canberra since the early 1980s. Median rent for three-bedroom houses in Canberra were up 2.1% to $495 per week, and 5.9% over the previous year.
Its median house decreased by 3.6% over the quarter to $641,000, for a 1.7% annual increase.
Sydney’s median house price decreased by 2.6% over the quarter to $1,150,357, for a 1.4% fall over 12 months.
Median rents for three-bedroom houses increased 2.0% to $520 per week over the quarter, for an increase of 4.0% over 12 months. Vacancy rates in Sydney increased by 0.2% to 2.3%.
Darwin’s median house price fell by 1.6% over the quarter and 4.7% over 12 months to $505,000. Median rent for three-bedroom houses in Darwin were down 2.2% and 3.4% to $477 per week, while vacancies were at 6.5% up 0.2% pps in the quarter.
Brisbane’s median house price of $515,000 reflected a quarterly decrease of 2.8% and increase of 2.0% annually.
Three-bedroom houses now cost $390 per week to rent, up by 2.6% over the quarter to be stable over 12 months. Vacancies increased by 0.1 pps to 2.7%.
Median house prices in Adelaide were rose by 1.1% over the quarter and 2.2% over 12 months to $470,000. The median rent for three-bedroom houses in Adelaide increased to $355 per week, by 2.9% and 1.4%.
Its median house price was overtaken by Hobart which continued its growth path and hit $492,000.
Median rents for three-bedroom houses were up 5.3% over March to $400 per week, and 8.1%on 12 months’ prior. Vacancies were stable at 1.4% over the quarter.
Melbourne the median house price in Melbourne increased to $855,000, an increase of 4.4% over the quarter and 7.4% over the previous year.
Rents for three-bedroom houses were up 1.3% to $400 per week, an annual increase of 2.6%on the previous year. Vacancy rate firmed slightly to 2.1%.
Australian Property Journal
