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Australian house prices have grown strongly during the past year, although two cities have recorded quarterly declines.
The median house price for the eight capital cities reached $607,000 at the end of March, according to the report from Bendigo Bank and the Real Estate Institute of Australia.
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That national metropolitan median was 13.1 per cent higher than the previous year and 1.9 per cent higher than the last quarter.
Sydney and Melbourne recorded the strongest annual growth, followed by Hobart, Darwin, Adelaide and Canberra.
Perth and Brisbane both grew over the year but went backwards during the first three months of 2014.
Sydney’s median house price jumped to $783,000 – up 16.9 per cent annually and 3.1 per cent quarterly.
Melbourne grew 13.7 per cent over the year and 3.7 per cent over the quarter to $652,000.
Hobart reached $385,000, which was 6.9 per cent higher than the year before and 4.1 per cent higher than the previous quarter.
Darwin climbed to $620,000 after 4.7 per cent annual growth and 1.6 per cent quarterly growth.
Adelaide’s median house price reached $414,000 – up 4.7 per cent annually and 0.9 per cent quarterly.
Canberra grew 3.9 per cent over the year and 1.5 per cent over the quarter to $520,000.
Perth’s median house price came in at $540,000, which marked a 4.9 per cent annual rise but a 1.6 per cent quarterly decline.
Brisbane was priced at $460,000 – a 4.8 per cent annual increase and 1.1 per cent quarterly fall.
[Related: House sales rise in most Australian capitals]
