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ISCOVER
While the RBA heeded the nation's calls to hold interest rates this month, the price gap between Australia's inner and outer ring suburbs does not show signs of closing
RBA governor Glenn Stevens recently commented that interest rates are currently around the "average" levels of the past decade. But the stall in interest rates has not deterred house price growth, which continues to gather momentum.
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Sydney, Darwin, Canberra and Melbourne have all seen strong performance in the last 12 months, posting the highest median house prices in the country - all above $550,000.
Over the last quarter alone, median house prices in Darwin and Melbourne surged by 5.36 per cent and 3.02 per cent respectively.
But the impact of rising house prices has put the inner city market out of reach for many first home buyers, who are turning to the outer ring for affordability.
And it's no wonder, with the first home buyer loan averaging $304,400, despite median inner city house prices averaging $540,643.
RP Data research analyst Tim Lawless said there are alternatives for first home buyers who are looking to buy in the inner city market.
Units and apartments provide an alternative entry point, with unit prices averaging $436,269 across the nation's capital cities.
However, the concept of living in the ‘burbs may become more popular with first home buyers now that development levy cuts will help keep the lid on new house price inflation.
The NSW government's latest $44 million initiative aims to deliver additional land releases, lower levies and faster planning decisions across the state.
"These reforms are necessary to increase housing affordability," Premier Kristina Keneally has said.
Only with a continued emphasis on urban renewal, will a greater number of residents be able to live in desirable locations with access to quality amenities and infrastructure.
PRICES AND INDICATORS
LATEST FIGURES
PERTH
Median house price: $528,065
Quarterly growth: -0.19%
Annual growth: 8.04%
Average annual growth: 11.16%
Median weekly rent: $404
Gross rental yield: 3.98%
Median unit price: $488,451
Quarterly growth: -2.41%
Annual growth: 4.94%
Average annual growth: 11.99%
Median weekly rent: $405
Gross rental yield: 4.31%
ADELAIDE
Median house price: $454,496
Quarterly growth: 1.84%
Annual growth: 8.86%
Average annual growth: 8.13%
Median weekly rent: $342
Gross rental yield: 3.91%
Median unit price: $375,219
Quarterly growth: -0.37%
Annual growth: 6.70%
Average annual growth: 9.93%
Median weekly rent: $314
Gross rental yield: 4.35%
MELBOURNE
Median house price: $554,456
Quarterly growth: 3.02%
Annual growth: 16.25%
Average annual growth: 7.56%
Median weekly rent: $373
Gross rental yield: 3.50%
Median unit price $449,877
Quarterly growth: 6.06%
Annual growth: 17.28%
Average annual growth: 7.56%
Median weekly rent: $346
Gross rental yield: 4.00%
CANBERRA
Median house price: $556,862
Quarterly growth: 2.00%
Annual growth: 12.47%
Average annual growth: 7.69%
Median weekly rent: $501
Gross rental yield: 4.68%
Median unit price: $468,908
Quarterly growth: 12.27%
Annual growth: 20.39%
Average annual growth: 11.55%
Median weekly rent: $466
Gross rental yield: 5.17%
SYDNEY
Median house price: $648,072
Quarterly growth: 2.97%
Annual growth: 10.44%
Average annual growth: 3.79%
Median weekly rent: $515
Gross rental yield: 4.14%
Median unit price: $496,162
Quarterly growth: 4.84%
Annual growth: 11.63%
Average annual growth: 3.98%
Median weekly rent: $479
Gross rental yield: 5.02%
BRISBANE
Median house price: $479,652
Quarterly growth: -0.47%
Annual growth: 5.06%
Average annual growth: 9.84%
Median weekly rent: $375
Gross rental yield: 4.07%
Median unit price: $358,585
Quarterly growth: -0.36%
Annual growth: 6.59%
Average annual growth: 9.48%
Median weekly rent: $347
Gross rental yield: 5.03%
DARWIN
Median house price: $562,898
Quarterly growth: 75.36%
Annual growth: 13.23%
Average annual growth: 14.99%
Median weekly rent: $555
Gross rental yield: 5.12%
Median unit price: $416,679
Quarterly growth: -2.82%
Annual growth: 22.19%
Average annual growth: 16.95%
Median weekly rent: $422
Gross rental yield: 5.27%
Source: RP Data
MORTGAGE INDICATORS
LENDING FOR HOUSING - SEASONALLY ADJUSTED
April 10: $13.707 billion
Change from March 10: Increased by 0.6%
Change from April 09: Decreased by 23.8%
AVERAGE NEW OWNER OCCUPIER HOME LOAN
April 10: $286,900
Change from March 10: Increased by 2.1%
Change from April 09: Increased by 7.1%
FIXED RATE LOANS AS PERCENTAGE OF OWNER OCCUPIER LOANS
April 10: 2.4%
Change from March 10: Up by 0.3%
Change from April 09: Down by 1.6%
FIRST HOME BUYERS AS PERCENTAGE OF OWNER OCCUPIER FINANCE COMMITMENTS
April 10: 16.3%
Change from March 10: Up by 0.4%
Change from April 09: Down by 11.8%
Source: ABS
(all figures seasonally adjusted)
BUILDING APPROVALS
TOTAL DWELLING UNITS APPROVED
April 10: 14,144
Change from March 10: Decreased by 14.8%
Change from April 09: Increased by 21.3%
TOTAL PRIVATE SECTOR HOUSES APPROVED
April 10: 8,404
Change from March 10: Decreased by 13.5%
Change from April 09: Increased by 4.7%
TOTAL PRIVATE SECTOR OTHER DWELLINGS APPROVED
April 10: 4,523
Change from March 10: Decreased by 5.4%
Change from April 09: Increased by 42.3%
Source: ABS
(all figures seasonally adjusted)
