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House price growth in the June quarter 2010
Released 21 September 2010

The Real Estate Institute of Australia (REIA) has released the Mortgage Choice Real Estate Market Facts report for the June quarter 2010, with figures recording a better performance from the Australian residential property market than the previous quarter. 

“This quarter, median house prices increased 3.2% to $533,243. The major contributors were Sydney, Melbourne and Brisbane,” REIA President David Airey said.
 
With the exception of Perth and Hobart, all Australian capital cities recorded increases in median house prices over the quarter. Sydney, Melbourne and Darwin recorded the highest increases in prices while the lowest were recorded in Hobart, Adelaide and Brisbane.
 
“Although house price growth slowed over the year, the growth rate is well above the annual average.

"Compared to the same quarter of last year, house prices increased across all Australian capital cities, with growth rates ranging from 8.9% to 26.5%. Melbourne recorded the largest increase whilst Perth recorded the smallest growth,” Airey said.

Mortgage Choice Senior Corporate Affairs Manager, Kristy Sheppard said, “Despite reticence from a number of potential buyers, auction clearance rates remained fairly high on average over the June quarter, with the prestige market slowing and the more affordable areas picking up pace. As we move into spring this continues to be the case.”

“We have also seen some positive results in the form of our Mortgage Choice 2010 Refinancers Survey, which posed questions to 1,028 Australians who refinanced their home loan in the last year. It found 68% saw their interest rate drop upon doing so and, of these, almost one quarter (23%) were now saving more than $300 per month. Close to nine in every 10 (88%) were saving more than $50 per month,” Sheppard said.

Rents for three bedroom houses remained unchanged in most capital cities over the June quarter, with the exception of Brisbane and Hobart and Darwin. Over the year, house rents increased in all capital cities, with the greatest increases evident in Sydney, Melbourne and Canberra.

“We can expect a healthy property market for the rest of the year, with an increase in activity in the medium and long term,” Airey said.