The latest release of the Real Estate Institute of Australia’s ‘Real Estate Market Facts’ Report has shown an increase in the national median house price compared to the previous quarter. For many in the industry, this has sparked the question of whether or not we are seeing the nation’s property market bottom out.
A look at our capital cities
Overall, three of our capital cities recorded increases in the median house prices for the March quarter. These were Sydney, Melbourne and Darwin, with the median house price increasing 1.4%, 0.9% and 6.6% respectively.
Brisbane, Perth and Canberra all remained stable over the quarter, with no change in the median house price. Year on year however all three states recorded decreases in their median house prices, falling 3.4%, 3.3% and 1.5% respectively.
Adelaide and Hobart were the only two states recording decreases in their median house prices over the quarter. Hobart recorded the largest percentage decrease of 3.3%, whilst Adelaide’s median house price fell by 2.6% over the quarter.
Capital City Median Prices
A reason to be optimistic
There is reason to be optimistic, as the economy is stronger than it has been given credit for, and property seekers are realising that perhaps the situation is not all that bad. This could well be the first sign of a return to natural and sustainable growth within the market. Further, as Australia has quite a fragmented market, we will continue to see variable results from different parts of the country. However, I am confident that prices should steadily improve from here.