The median house price across Australian capital cities has declined in the first quarter of 2018, according to the latest research from the Real Estate Institute of Australia.
The REIA Real Estate Market Facts for the March quarter 2018 saw the weighted average median prices fall by 0.1 per cent at $770,086 for houses and 0.2 per cent at $593,183.
“This is the first time since September 2006 that Hobart hasn’t had the lowest house median price for all capital cities on the back of an increase of 7.2 per cent over the quarter and 20.0 per cent over the previous year.
“Adelaide now has the lowest median house price at $470,000 some 39 per cent lower than the national average,” Mr Gunning said.
“Over the quarter, median rents for three-bedroom houses increased in all capital cities except Darwin. Median rents for two-bedroom other dwellings performed better with all cities increasing their medians,” he said.
Mr Gunning said the weighted average vacancy rate for the eight capital cities decreased to 2.6 per cent during the March quarter indicating a tighter rental market.
Despite the median price increasing by 1.1% over the quarter, Adelaide is still the cheapest capital city in Australia to own real estate.
Over the March quarter, Adelaide’s median house price increased to $470,000, an increase of 1.1 per cent over the quarter and 2.2 per cent over the previous year.
The median rent for three-bedroom houses in Adelaide increased to $355 per week, an increase of 2.9 per cent over the previous quarter and 1.4 per cent over the previous year.
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