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ISCOVER
Staff Reporter
Australia’s median house price is slipping, allowing a greater number of first home buyers to enter the property market.
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According to the recent REIA-Bendigo Bank September Real Estate Market Facts Report, there was a slight dip in the Australian weighted average median house price compared to the June quarter 2012.
Bendigo and Adelaide Bank’s executive retail, Dennis Bice, said a relative increase in affordability, combined with a lower interest rate environment, is likely to encourage first home buyers back into the market.
“The September quarter recorded a slight decrease in median prices for the Australian residential property market, with the weighted average capital city median price declining by 0.6 per cent for houses and by 1.2 per cent for other dwellings,’’ Mr Bice said.
“Compared to the September quarter of last year, the weighted average median house price remained unchanged. So while house prices have softened slightly over the past quarter, in effect, the market has been largely coasting.
"And an increase in affordability and lower interests rates may also motivate sellers to meet the market,’’ he said.
Mr Bice said the report shows there has been growth in the housing market in Melbourne and Canberra, and in other dwellings in inner Brisbane, with steady to spectacular growth driven by severe undersupply in several regional areas.
“Rents are largely stable across the country and vacancy rates are low, which is good news for those considering stand-alone property investment or for those considering including a residential property in an SMSF,’’ he said.
