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Values of real estate in Australia have increased by 3.8 per cent for houses in the December quarter, with capital cities also seeing a 2.4 per cent rise for other dwellings.
The Bendigo Bank/Real Estate Institute of Australia (REIA) Real Estate Market Facts report found that for all eight capital cities, the weight average median house price now sits on $533,099.
Hobart and Melbourne saw the greatest rises over the three months to December, increasing 7.4 per cent and 7.8 per cent respectively.
REIA president Peter Bushby explained that the New South Wales capital is still worth the most.
"Sydney continues to have the highest median house price across the capital cities at $656,415, 23.1 per cent above the weighted average, while the Brisbane median house price increased the least - 1.2 per cent to $435,000."
"Adelaide's median house price increased by 2.4 per cent over the December quarter to $398,500, while the median house price in Perth increased by 3.3 per cent over the quarter to $495,000."
Mr Bushby added that property investors are seeing strong returns on their investments, with low vacancy rates and reduced interest rates all impacting on their bottom line.
