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House price and rent growth patchy

11 Sep 13

Growth has continued in median prices for the Australian residential property market, but the rise is not across the board, according to the latest Bendigo Bank/REIA Real Estate Market Facts.

Real Estate Institute of Australia (REIA) President Peter Bushby says, "The weighted average, capital city, median price increased by 3.3% for houses and 2.6% for other dwellings over the June quarter 2013."

"The weighted average, median house price for eight capital cities is now $549,898 with Sydney, Melbourne, Brisbane, Adelaide and Darwin all contributing to the increase."

"However, Perth and Canberra both dipped and Hobart recorded the biggest drop, down by 3.5%."

"Hobart also has the lowest median house price at $347,300 while Sydney has the highest across the capital cities at $690,064."

"Compared to the same time last year, the median house price for the capital cities rose 6.1% and with the exception of Hobart, went up in all capitals. Melbourne had the biggest jump over the year, up by 8.4%."

"There was mixed news for investors too over the June quarter, with median house rents for three bedroom houses decreasing in most capital cities. Darwin had the only rise and there was no change in Perth or Hobart."

"However, compared to the June quarter of last year, Darwin and Perth had large increases in median rents for other dwellings, up by 18.6% and 12.2% respectively," concluded Mr Bushby. The Bendigo Bank/REIA Real Estate Market Facts can be found by clicking here.