House prices in Melbourne are on the move again with the median increasing by 5.4% to $590,000 in the June quarter, according to the latest Real Estate Institute of Australia Market Facts report.
The makes up for the 6% drop over the March quarter. Acting REIA president Pamela Bennett called Melbourne market the “standout” performer reflecting “a very stable and strong market and resilient house sales”.
Sydney house prices remained virtually unchanged, up 0.1%, with the median price of just over $644,000.
Median house prices increased in four of the eight capital cities over the quarter and nationally median house prices increased by 1.2% to $541,188, with other dwellings (units) up 0.5% to $430,230.
In Hobart the median price increased by 2.4% to $370,000 following a 5.6% fall in the March quarter.
The median house price in Perth decreased 3.1% to $470,000 over the June quarter and the Darwin median house price declined 6.4% to $515,000.
It’s clearly to early to call a bottom of this property cycle. I can’t see a reason for prices to increase strongly for some time yet. There’s still a lot to be worked out in the world economy and in our own back yard.
However one positive sign is an increase in the value of owner occupier and investment loans taken out recently, suggesting an increase in consumer confidence.
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