The median price for an Australian home continued to grow throughout the beginning of 2015, according to a recent report from the Real Estate Institute of Australia (REIA). This marks good news for those with property in Adelaide, as well as other areas throughout Australia.
Prices now exceed $650,000 on average, with REIA President Neville Sanders pointing to data from a Bendigo Bank/REIA Real Estate Market Facts report. He explained that the weighted average, capital city median price increased significantly. In fact, it grew by 2.4 per cent, while other dwellings climbed 1.5 per cent.
This is certainly substantial growth, especially as all capital cities contributed to the rise with the exception of Brisbane and Perth. Darwin jumped 6.8 per cent.
Taking a closer look, the Australian Bureau of Statistics recorded the rising weighted averages for the March quarter of this year.
On the other hand, two capital cities fell:
It's interesting to note that Sydney continued to surge above the rest, with the REIA data finding the median house price to sit at $929,842.
"In 2015 we expect interest rates to stay low and growth in dwelling prices to continue, however changes to rules around foreign investment in Australian residential real estate may change the dynamic on the market," Mr Sanders stated.
This latter half of this year could prove to be one of opportunity for many in the property sector.
If you're interested about assistance when it comes to property management in Adelaide, or if you'd like to learn more about property investment, get in touch with Ray White Adelaide today.