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Lending activity and house prices continued their steady climb in the week following the federal election, new data shows.
According to RP Data, the median house price for the five mainland state capitals rose by 0.5 per cent over the week, bringing the year to date change to 5.5 per cent.
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According to the report, lending market activity was up considerably across all states, with a national rise of 13.2 per cent from the month before.
NSW led the pack, with a 19.6 per cent surge in mortgage activity, while Queensland came second – up by 13.9 per cent.
Four of the five capitals surveyed by RP Data recorded price rises last week, with Perth being the exception after median prices fell by 0.2 per cent.
Sydney recorded a strong 0.8 per cent result, bringing the capital's growth for the year to 8.3 per cent, the strongest result of all the state capitals.
Melbourne and Adelaide both recorded rises of 0.4 per cent, while median prices in Brisbane rose 0.3 per cent.
Stock on market continues to keep up with demand, with the total number of listings down 14.1 per cent when compared to the year before.
According to the figures, Darwin still has the second most expensive houses in the country – with a median house price of $623,750 – following Sydney on $679,500.
Average time on market for Sydney was just shy of one month, while selling a property in second-placed Canberra would take 37 days on average.
Selling a house in Adelaide would take on average 70 days, just ahead of Darwin and Hobart on 69 and 68 days respectively.
Sellers of units in Hobart, however, are facing dire conditions, with an average of 111 days on market and an average vendor discount of 9.8 per cent.
