Growth in median prices is slowing down

December 9th,2015

The Real Estate Institute of Australia (REIA) says that Australia’s housing market continued its growth in the third quarter of 2015, according to the latest REIA Real Estate Market Facts publication, however the rate of growth was slower than in the previous quarter.
The REIA President Neville Sanders says, “The weighted average, capital city median price increased by 2.3% for houses and 2.1% 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%.”
“Compared to the same time last year, the weighted average median house price rose 12.6%.”

“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.”