House prices bounce back

Australia’s housing market continues to rise, with consecutive quarters of solid growth in the national median housing price.

Australian Property Monitors’ Quarterly Housing Report found the national median house price rose by 1.7 per cent over the March 2013 quarter, following a rise of 1.8 per cent in the December quarter.

National unit prices decreased slightly by 0.7 per cent over the quarter, but are still up by 0.7 per cent over the year.

Sydney saw an increase of 1.6 per cent in the median house price over the March quarter to $673,681.

Two consecutive quarters of record-level median house prices have moved Sydney from a recovery period into a solid expansionary phase of house price growth.

Melbourne was the standout performer in the quarter, with house and unit prices rising strongly by 3.6 per cent to $538,922 for houses and 2.6 per cent for units – the best performance in Melbourne for three years.

The national housing market has recorded its best start to a year since the strong market conditions of 2010.

Buyer activity is set to increase through the remainder of 2013, driven by growing optimism and record low interest rates that have likely bottomed out. However, much will depend on the performance of both the national and local economies.


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