Sydney house prices increase, Melbourne unchanged

By Your Mortgage
New trends in the housing sector have been discovered by the latest edition of the Bendigo Bank/REIA Real Estate Market Facts report, where house prices went up by 3.8% in Sydney but remain unchanged for Melbourne.

Moreover, the Australian weighted average median house price for the September quarter is now $620,900 or 0.7% higher when compared with the June quarter.

Dennis Bice, executive retail of Bendigo and Adelaide Bank, said that "the Australian weighted average median house price has been rising steadily since the September quarter of 2012, but with history to guide us, we know that markets move in cycles and this latest finding suggests that first-home buyers in particular may finally have a chance to build a deposit and enter the market before the next cycle begins”.

He said first homebuyers comprise 12% of the owner occupied market in the country, which is marked to be the lowest since Australian Bureau of Statistics started collecting the figures.

“Recent improvements in the number of first home buyers in WA, ACT, Tasmania and Queensland give cause for some hope that this is one statistic we will finally see heading upward", Bice concluded.

Fast Facts: September quarter 2014
Quarterly Australian weighted average median house price is $620,901
Quarterly Australian weighted average median other dwellings price is $497,239

Median house prices up:
Sydney 3.8% to $843,994

Median house prices down:
Brisbane 1.0% to $465,500
Adelaide 1.8% to $412,500
Perth 1.8% to $535,000
Hobart 5.3% to $360,000
Canberra 1.9% to $525,000
Darwin 1.7% to $610,000

Median house prices unchanged:
Melbourne at $649,000

Median other dwelling prices up:
Sydney 1.6% to $580,861
Melbourne 1.2% to $503,000
Hobart 2.2% to $260,500
Darwin 5.2% to $510,000

Median other dwelling prices down:
Brisbane 1.3% to $384,900
Adelaide 3.1% to $315,000
Perth 3.3% to $435,000
Canberra 4.8% to $400,000