09 December 2015
Median house price growth rates throughout Australia are slowing down, according to the latest data out today by the Real Estate Institute of Australia (REIA).
The September quarter data shows that while overall Australia’s housing market continued its growth in the third quarter of 2015, the rate of growth was slower than in previous quarters.
REIA President Neville Sanders said the weighted average, capital city median price increased by 2.3 per cent for houses and 2.1 per cent for other dwellings.
“The weighted average, median house price for the eight capital cities is now $698,826. Growth in Sydney and Melbourne are the primary drivers, especially when it comes to annual changes. Over the quarter, Perth, Hobart and Darwin saw decreases in median house prices while Brisbane had a marginal increase of 0.2 per cent,” Mr Sanders said.
The weighted average, median price for other dwellings for the eight capital cities was $549,125.
“Over the quarter, most capitals recorded increases; however prices fell in Adelaide, Perth and Canberra. The September quarter figures highlight the diversity of the Australian housing market attributable to the local factors which influence each market,” Mr Sanders said.