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House price growth continues in WA

WHILE the growth in median house prices slowed in most major capital cities, Perth’s March quarter median house price grew 3.5 per cent to $284,500. Recent data from Mortgage Choice and the Real Estate Institute of Australia shows a flattening of median housing prices in Sydney, Melbourne, Brisbane and Canberra compared with high rates of growth during the past two years. REIA president Ian Wells said the trend of upward house prices in Sydney, Canberra, Brisbane and Melbourne had reversed and prices had flattened. “Strong growth continues in trend prices in the smaller capital cities, although this is expected to begin to slow over the remainder of 2005,” he said. In the March quarter 2005, median house price growth was recorded in Darwin (5.8 per cent to $275,000); Canberra (4.6 per cent to $366,000); Perth (3.5 per cent to $284,500); Hobart (2.3 per cent to $271,000); and Sydney (1.2 per cent to $511,000). The Adelaide median house price was stable at $270,000. A decline in median house prices was recorded in Brisbane (down 1.4 per cent to $307,500) and Melbourne (down 4.9 per cent to $352,000).

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