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Medians from around the country
January 3, 2017
Christmas is done and dusted and a new year is upon us.
This means resolutions, big life decisions, sea changes, retirements and young people escaping from the nest for the very first time.
So what better time of year to look at the REIA real estate medians from around the country?
House prices in the Harbour City rose 3.1% in the September quarter, bringing the median to $1,076,878. Units continued to sell strongly with median other dwelling prices jumping 2.3% to $697,533. The second best vacancy rate in the country of 1.9% helps.
In the rental market, the median price for three bedroom homes remained the same at $470 per week. Having a unit near or in the city will cost you, though, with prices for two bedroom units rising 3.8% to $540 per week.
The best growth in the country was in Melbourne, where house prices surged 3.2%. This brings the average to $740,000. Median other dwelling prices also rose 2.1% to $545,500. These numbers came even with Melbourne having a vacancy rate of 2.5%.
Renting a three bedroom house will now cost you an average of $375 a week, a rise of 1.4%. Units rose even further, up 2.6% to $400 per week.
House prices remained relatively stable, with house prices dropping 1.2% to $494,000. Units fared the same, with a 1.3% drop, down to $395,000. A 4.1% vacancy rate has Brisbane sitting on the wrong side of the ledger compared to other states and territories.
Rental houses remained the same at $380 a week, while units rose slightly by 1.3% to cost the same as a house.
House prices dipped 2.2% to $440,000, while units took a bigger hit, down 3.6% to $335,400. Vacancy rates were unavailable for Adelaide.
Renters will have to fork out 3.0% more for a house, with median prices rising to $340. Units also rose, up 1.8% to $285.
On the Apple Isle house prices fell 2.5% to $385,000, while the unit market was largely static with a 0.2% fall to $285,000. The vacancy rate in Hobart sits at 2.5%.
Renters got some relief, with median house prices falling -2.9%, the biggest drop in the country, to $330. Unit prices remained the same at $280.
In the west, buyers are the winners with Perth’s median house price dropping 3.8% to $512,000. This was tempered by the continued growth in the unit market which rose 3.7% to $425,000 – the largest spike in the country.
Perth has the second largest vacancy rate in the country at 6.6%. House rentals dropped -2.6% to $380. Unit prices were down -2.8% to $350.
At the top end, house prices took a nose dive with the 4.5% drop to $550,000 in Darwin the biggest in Australia. Unit prices dropped almost twice that, down 8% to $460,000 – the biggest in the country. The nation’s largest vacancy rate of 6.7% no doubt played its part.
House rentals remained largely unchanged and only dropped 0.7% to $511.5 per week. Unit prices fell -0.9% to $386.50 a week.
The results were fairly even for both houses and units, with houses down 2.6% to $570,000 and units dropping 2.4% to $415,000. These drops came despite Canberra having the lowest vacancy rate in the country at 1.3%.
It remains business as normal in the rental market, with no change in house ($450 per week) or unit prices ($400 per week).