Median house price falls for the first time in three years

March 10th,2016

The Real Estate Institute of Australia (REIA) says that after thirteen consecutive quarters of growth, the weighted average median house price for the eight Australian capital cities decreased in the last quarter of 2015.

Australia’s housing market recorded the first decrease since the December quarter of 2012, according to the latest REIA Real Estate Market Facts publication.

The REIA President Neville Sanders says, “The weighted average, capital city median price decreased by 0.4% to $695,788 for houses and 0.7% to $543,468 for other dwellings.”

“Strong growth in Hobart, Canberra and Brisbane, followed by marginal increases in Darwin and Perth, were unable to offset falling median house prices in Sydney and Melbourne while Adelaide recorded no change over the quarter.”