Capital city prices for both houses and units rose in the March Quarter at the highest rate in a decade, the REIA’s latest Real Estate Market Facts report has found. REIA president Adrian Kelly says the weighted average capital city median price increased 6.8% for houses and 2.7% for units in the March Quarter.

Over the March Quarter, the median house price for the eight capital cities rose to $874,000. At $1,309,000, Sydney’s house median remains the highest among the capital cities, 50% higher than the national average. At $500,000, Perth has the lowest house median across the capital cities, 43% lower than the average.

“Over the 12 months to the 31 March, the weighted average capital city median house price increased by 11.1%,” Kelly says.

“Over the quarter, the median price for other dwellings increased in Sydney, Melbourne, Perth, Hobart and Darwin, remained steady in Brisbane and Canberra, but decreased in Adelaide.”