The median property price for Australia's eight capital cities was $769,501 at the end of 2017, up 1.0 per cent for the quarter.
Australian property prices ended 2017 on a high note, according to the new REIA Real Estate Market Facts report.
The weighted average median price of property in Australia's eight capital cities rose 1.0 per cent during the quarter to $769,501, according to the report.
Prices increased in all capital cities during the quarter, except for in Canberra, where prices fell 2.7 per cent.
The weighted average median price for 'other dwellings', which includes townhouses and apartments, increased 0.6 per cent over the quarter to $590,455. Prices increased in all capital cities except Sydney, where prices eased 0.4 per cent, and Darwin, where prices slipped 7.4 per cent lower.
Hobart recorded the strongest growth in prices for the quarter.
“Hobart had the largest increase in the median price for both houses at 5.2 per cent and for other dwellings at 4.8 per cent,” said Gunning.
Median rents for three-bedroom houses increased or remained steady in all capital cities over the quarter. Hobart again saw the largest increase, with rents for three-bedroom houses up 2.7 per cent over the quarter.
The performance of median rents for two-bedroom 'other dwellings' varied from capital to capital.
The median rent increased in Hobart by 3.2 per cent, remained steady in Melbourne and Brisbane, but decreased in Sydney, Adelaide, Perth, Darwin and Canberra. Perth had the largest decrease, with rents down 4.7 per cent over the December quarter.
“The weighted average vacancy rate for the eight capital cities remained steady on 2.8 per cent during the December quarter 2017,” Gunning said.
“Vacancy rates decreased in most capital cities including Melbourne, Perth, Canberra, Hobart and Darwin, with the largest decreases of 0.6 percentage points in Canberra and Darwin.
“Vacancy rates increased in Sydney and Brisbane, while only Perth and Darwin had vacancy rates above the industry benchmark of 3.0 per cent,” said Gunning.
The REIA Real Estate Market Facts report can be purchased online here.
Read more about property prices:
Property prices down across Australia: REIA
Sydney, Darwin, Perth property prices down for the quarter: CoreLogic