Prices of median houses across Australian capital cities dropped in the first quarter of 2018, according to the latest research from Real Estate Institute of Australia (REIA). Based on REIA Real Estate Market Facts for the March 2018 quarter, the weighted average median prices fell by 0.2% to $593,183 for houses.
Median house price increased in Hobart, Melbourne, and Adelaide, but decreased in Darwin, Perth, Sydney, Canberra, and Brisbane. “Canberra had the largest fall in house prices and Darwin had the largest decrease in other dwellings,” REIA president Malcolm Gunning said in a statement.
He also said that this is the first time since September 2006 that Hobart wasn’t the lowest house median price for all capital cities. “Adelaide now has the lowest median house price at $470,000, some 39% than the national average.”
Gunning said that despite the drop over the quarter, the weighted average capital city median house price went up by 2.2%, on the back of price increases in all capital cities except Perth and Darwin.
“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. The decreased average vacancy rate of 2.6% for the eight capital cities during the March quarter indicates a tighter rental market.
The March quarter rundown