Prices at all levels

All housing segments ended 2019 with substantial gains in value, according to the Real Estate Institute of Australia (REIA).

In the last quarter of last year, median prices rose 4% for homes and 3% for other dwellings.

REIA said that growth in house prices was recorded in capitals, with the exception of Darwin, where values ??remained stable.

Hobart posted the strongest growth at 7.8%, bringing its median price to $ 550,000. Sydney, on the other hand, remained the city with the highest median price at $ 1.14 million, an increase of 5.7%.

The national average median price of homes in the eight capitals during the quarter increased to $ 775,918. Over the year, this figure represents growth of 4.6%.

The table below shows the median price of houses in each capital during the quarter:

As for the other dwellings, the median price increased by 3% to $ 600,505. Sydney, Melbourne, Canberra, Hobart and Darwin have all reported upward price movement in the segment.

According to forecasts by NAB Group Economics, while prices in Australia are expected to continue to increase over the next few years, growth is expected to decrease.

"Low interest rates are expected to continue to provide support, as are low unemployment and still healthy population growth in Sydney and Melbourne, however, constraints of Affordability will appear when prices reach their previous peak, "said NAB.

Based on NAB projections, overall price growth in Australia will reach 4% this year before slowing to 2.5% in 2021.

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