Another strong quarter for the residential market

September 9th,2015

The Real Estate Institute of Australia (REIA) says that Australia’s housing market recorded strong growth in the June quarter of 2015, according to the latest REIA Real Estate Market Facts publication.

The REIA President Neville Sanders says, “The weighted average, capital city median price increased by 4.2% for houses and 3.3% for other dwellings.”

“The weighted average, median house price for the eight capital cities of $682,840 can be attributed to price growth on the nation’s eastern seaboard. Sydney’s median house price has reached the $1 million mark and is now $1,004,767 and, the median house price in Melbourne reached the $700,000 mark and is now $706,000.”

“In the rental market, investors saw lower rents during the quarter as vacancy rates increased in most of the capital cities. Adelaide and Hobart had the lowest median rents across the capital cities while Brisbane recorded annual increases in median rents for both houses and other dwellings. Already the highest across the capital cities, the vacancy rate in Darwin recorded a further rise.  Read full press release HERE