Australia’s median house price has risen to almost $660,000 with Darwin having the biggest increase among the capital cities.
Sydney’s median house price is getting closer to the $1 million mark but prices in Brisbane and Perth have eased.
The weighted average median house price in Australia rose by 2.4 per cent to $658,608 in the March quarter, according to the latest Bendigo Bank/Real Estate Institute of Australia figures.
The median price for other dwellings rose by 1.5 per cent to $517,929. REIA president Neville Sanders says the median house price has increased by almost nine per cent from the same time last year and is expected to continue to rise over the rest of 2015.
“In 2015 we expect interest rates to stay low and growth in dwelling prices to continue, however changes to rules around foreign investment in Australian residential real estate may change the dynamic on the market,” Mr Sanders said on Friday.
The government is cracking down on dodgy foreign investment in housing with new, tighter rules to come into effect from December 1.
Sydney has the highest median house price among the capital cities, at $929,842.
MEDIAN HOUSE PRICES RISE
* Australia $658,608, up 2.4 pct
* Sydney $929,842, up 4.9 pct
* Melbourne $688,000, up 3.5 pct
* Darwin $625,000, up 6.8 pct
* Canberra $560,000, up 0.7 pct
* Perth $535,000, down 2.7 pct
* Brisbane $475,000, down 1.5 pct
* Adelaide $425,250, up 0.1 pct
* Hobart $382,500, up 6.3 pct
MEDIAN PRICES FOR OTHER DWELLINGS
* Australia $517,929, up 1.5 pct
* Sydney $615,547, up 2.3 pct
* Melbourne $519,500, up 2.2 pct
* Darwin $500,000, up 1.0 pct
* Perth $440,000, down 1.1 pct
* Canberra $407,250, down 2.5 pct
* Brisbane $393,000, up 2.1 pct
* Adelaide $320,000, down 4.5 pct
* Hobart $277,500, up 5.7 pct
Source: Bendigo Bank/REIA Real Estate Market Facts. Weighted average median house price figures for March quarter 2015.