Last year was great for property in Melbourne, and Australia as a whole, and the Real Estate Institute of Australia (REIA) has just confirmed this with its latest quarterly report. Fortunately house prices are continuing to rise, albeit at a slower rate, meaning these capital gains are locked in for those looking at selling their home in the current market.
As the REIA points out, this quarterly look at the market gives a better perspective of prevailing conditions than monthly statistics can provide.
“The December quarter 2014 showed the strongest results for the year of 2014 with an increase of 3.5 per cent for the weighted average capital city median house price,” said Amanda Lynch, CEO of the REIA, in a March 11 statement.
“This is good news for home owners as the value of their properties has risen and it is particularly good news for those wanting to sell.”
However, the picture was not so rosy for all of the capital markets. While Melbourne, Sydney, Brisbane, Adelaide and Canberra all recorded gains in 2014’s last quarter, Perth and Darwin took a step backwards and Hobart recorded no movement at all.
There was a significant price gap between the highest capital city median prices and the lowest. In fact, there was more than a half-a-million dollar difference between the median in Sydney and that of Hobart.
Ms Lynch noted that it was imperative that the Australian Prudential Regulation Authority and other policy makers do not paint all property investors or markets with the same brush, as disparities like this can lead to unbalanced effects on the real estate sector.
However, as the figures stand, Sydney and Melbourne homeowners are set to benefit from the stellar performance of the real estate market over the last year. If you’re looking to capitalise on this gain, make sure to speak to a Vendor Advocate about choosing a real estate agent for your property transaction.
09/24/2024 
