House prices rebound
Tuesday, September 4, 2007/
Adelaide has led a rebound of house prices across the country this year. Australia-wide house prices have grown 6.6%, according to the RP Data-Rismark Hedonic Index.
Adelaide was up 11.6%, Brisbane 10.6% and Melbourne house prices rose 7.9% in the six months to June 30.
Units performed even better, rising 8.5% nationally for the half. The growth in unit prices has been propelled by substantial increases in the major capital cities, including Adelaide (21.9%), Brisbane (15.7%), Melbourne (10.2%), Darwin (14.2%), Perth (8.6%) and Sydney (4.7%).
Perth is far and away the most costly unit market, with a median unit value of $460,549, followed by Sydney ($407,181), Melbourne ($322,470), Brisbane ($301,264) Adelaide ($280,908) and Darwin ($278,538).
RP Data’s chief executive, Graham Mirabito, says: “RP Data-Rismark estimates that the median value of an Australian property has increased to $432,365, pushing the great Australian dream beyond the grasp of a growing number of families. The median house price in Australia is now $459,402 while the median unit price is $365,322.”
Sydney and Perth remain the two most expensive markets to live in with median house prices of $559,770 and $505,115, respectively. They are followed by the comparatively less expensive cities of Brisbane ($411,491), Melbourne ($402,817) and Adelaide ($359.504).
For more on house prices, check out yesterday’s story: Are we heading back into another housing boom?