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Satellite and regional city centres are contributing to strong growth in the housing market, according to the Real Estate Institute of Australia and Bendigo Bank quarterly market report.
The report shows the weighted average capital city median price increased by three per cent for houses and 2.2 per cent for other dwellings.
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This takes the average median house price for the eight capital cities to $562,503.
While Sydney, Melbourne, Brisbane and Hobart contributed to the increase, Perth recorded the biggest drop, down by 3.8 per cent.
Dennis Bice, executive for retail at Bendigo and Adelaide Bank said that while the capital cities were going strong, other cities were also contributing to the overall price rise.
“Cities such as Newcastle and Wollongong in NSW are undergoing a renaissance, contributing to higher demand and strong price growth,” Mr Bice said.
“Geelong saw house prices increase more than 15 per cent compared with last year, and other dwelling prices in Bendigo grew by 11.3 per cent for the quarter.
“Prices for houses in South Australia’s Riverland and Port Lincoln grew strongly compared to the same time last year and in Mandurah, Western Australia, other dwellings showed 13 per cent growth over the quarter.”
At $722,718, the Sydney median house price is the highest across the capital cities. Hobart remains the lowest at $352,000, 37.4 per cent lower than the national weighted average.
