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Capital cities saw their average median property price rise 1% last year to $769,501 according to the latest figures from the Real Estate Institute of Australia (REIA).
For the December quarter, prices rose in all capital cities except for Canberra, which was down 2.7%.
On a quarterly basis, the comparable figure for the “other dwellings” index rose 0.6% to $590,455. Prices went up in all capital cities except for Sydney (down 0.4%) and Darwin (sliding 7.4%), according to REIA president Malcolm Gunning.
“Hobart had the largest increase in the median price for both houses at 5.2 per cent and for other dwellings at 4.8%,” he added.
Meanwhile, median rent increased in Hobart at 3.2%, remained steady in Melbourne and Brisbane, but decreased in Sydney, Adelaide, Perth, Darwin and Canberra. Perth had the largest decrease at 4.7%.
“Vacancy rates decreased in most capital cities including Melbourne, Perth, Canberra, Hobart and Darwin, with the largest decreases of 0.6 percentage points in Canberra and Darwin,” said Gunning. “Vacancy rates increased in Sydney and Brisbane, while only Perth and Darwin had vacancy rates above the industry benchmark of 3.0%.
