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MELBOURNE: The Real Estate Institute of Australia's (REIA) data for the second quarter (2Q) of 2011 shows an improvement in the Australian residential property market compared to the previous quarter.
Its June quarter Real Estate Market Facts report showed Melbourne homes had the greatest improvement over the quarter with a median price increase of 5.4%. Meanwhile, prices in Darwin declined the most down 6.4%.
Pamela Bennett, REIA acting president said, "House and other dwelling median prices increased by 1,3% to A$541,188 (RM1.71 million) and 0.5% to A$430,230 respectively. These are the largest increases recorded since the September quarter of 2010."
Median rents for three- bedroom houses in Hobart and Darwin declined 8.3% and increased 2.7% respectively, while rents elsewhere remained unchanged.
Rents for two bedroom other dwellings declined in Adelaide, Perth, Hobart and Darwin and increased in Sydney and Canberra. They remained unchanged in Melbourne and Brisbane.
The property market's improved performance was accompanied by an increase in the value of owner-occupier and investment loans, both increasing 12.8% and 19.3% respectively.
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