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An average metropolitan house now costs $600,000, following a year of strong price growth.
The median house price across Australia’s eight capital cities hit $598,000 in the December 2013 quarter, according to research from Bendigo Bank and the Real Estate Institute of Australia.
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That was 13.1 per cent higher than December 2012 and a 5.7 per cent increase on the September quarter.
Melbourne’s median house price reached $643,000 after recording 21.9 per cent annual growth. Sydney grew 15.1 per cent to $763,000.
Perth prices jumped 7.0 per cent to $535,000, Brisbane grew 5.7 per cent to $465,000, Darwin climbed 5.5 per cent to $610,000, Adelaide rose 2.5 per cent to $410,000 and Hobart added 1.4 per cent to hit $370,000.
Canberra prices fell by 1.0 per cent to $520,000.
Real Estate Institute of Australia president Peter Bushby said he was pleased that confidence had returned to the housing market and hoped it would lead to an increase in first home buyers.
