Median house prices have once again recorded increases across all Australian capital city property markets over the December quarter, highlighted in the Real Estate Institute of Australia’s (REIA) Mortgage Choice Real Estate Market Facts report.
"Last quarter we reported that median houses prices were the highest we have ever seen in the history of collecting this data, and this quarter the results have topped the previous quarter", said REIA President, Mr David Airey.
This quarter has seen the Australian weighted average median house price increase by 8.1% to $514,599; this is compared to an increase of 16.7% over the year.
"This is the highest quarterly annual increase since 1997," continued Mr Airey.
Melbourne house prices reported the highest increase during the quarter and the year. Over the December quarter, Melbourne house prices increased to $540,500, an increase of 15.0% over the quarter and 27.2% over the year.
Median prices for other dwellings increased across all Australian capital city property markets by 4.3% over the quarter and 13.7% over the year. Melbourne, Darwin and Sydney have reported the highest median other dwelling prices while the lowest were recorded in Hobart, Adelaide and Brisbane. Canberra was the only capital city to record a decrease in median prices for other dwellings.
Mr Airey commented on the reason for the rising prices saying, "The phasing out of the First Home Owners Grant Boost (FHOG Boost) has contributed to the increases that we are seeing in median prices. For the