The Real Estate Institute of Australia says that Australia’s housing market is in a growth phase and 2014 is looking positive for the sector, according to the latest Bendigo Bank/REIA Real Estate Market Facts publication.

Real Estate Institute of Australia (REIA) President Peter Bushby says, “The weighted average, capital city, median price increased by 5.7% for houses and 4.5% for other dwellings.”

“The weighted average, median house price for the eight capital cities is now $598,044. All capitals contributed to the increase, with the largest rise in Melbourne, up by 7.3%.”

“At $763,169, Sydney’s median house price is the highest among the capitals. Hobart remains the lowest at $370,000, which is 38.1% below the national weighted average.”

“Compared to the same time last year, the weighted average median house price rose 13.1%.”

“The weighted average, median price for other dwellings for the eight capital cities was $482,584. Over the quarter, with the exception of Darwin, all Australian capitals had increases. While Melbourne had a 6.1% rise, the median price in Darwin fell by 5.2%.”

“There was mixed news for investors over the December quarter. The median house rent for three bedroom houses increased in Sydney, Melbourne, Adelaide and Hobart. Rents remained unchanged in Brisbane while Perth, Darwin and Canberra had falls of 2.1%, 5.2% and 1.1% respectively.”

“In 2014 we expect interest rates to stay low and continued steady improvement in activity in most markets. It should be generally a positive year, provided there are no unforeseen global issues that emerge,” concluded Mr Bushby.