MELBOURNE
March quarter median price - $843,674

Australia’s ‘European city’, Melbourne, is a hot market for buyers and investors alike. The city recorded the strongest annual price growth of all capital cities, and has consistently been on the rise for more than four years. The median house price closed in at $844,000 and the unit median just below $495,000. Not only does Melbourne boast a lifestyle of cafe culture and leafy streets, it’s rapid price growth and affordable price point make it an attractive alternative to Sydney, especially for first home buyers.

SYDNEY
March quarter median price - $1,151,565

Property prices in Sydney continued to rise this quarter, with the median house price reaching a new record high of $1.1 million, while the unit median was close to $718,000. Despite the new record, the rate of growth halved compared to the previous quarter. Sydney’s market conditions are ideal for homeowners or investors, looking to sell and unlock the value of their property. For young buyers, the Regional NSW coastline presents a good opportunity to enter the property market. The mix of strong price growth and more affordable price tags, makes it a prime choice for those who have been priced out of the capital.

BRISBANE
March quarter median price - $532,504

Brisbane is the young buyers market, with the median house price reaching $532,500 and units just shy of $377,000 this quarter. The city is bursting with opportunity for those looking to enter the property game, with a choice of brand new residential developments and more traditional styles. Whether local or out of state, Brisbane’s affordability provides a competitive advantage for first home buyers.

ADELAIDE
March quarter median price - $514,853

Adelaide’s resilient housing market saw steady growth over the quarter. The median house price reached a new record high of $514,000, while units held flat at just over $300,000. Adelaide’s affordable market provides great opportunity for local home hunters or interstate investors, who are exploring their options. With the rental properties delivering steady yields, Adelaide holds a lot of potential.

PERTH
March quarter median price - $561,165

The Perth market is slowly regaining stability after a turbulent period, with prices falling only marginally this quarter. The median house price is just over $560,000 with units sitting close to $369,000. With affordable prices, it’s a great time for local first home buyers to consider breaking into the market. Perth’s white sandy beaches and laid back cafe culture, offers a premium lifestyle at a more reasonable price point. House hunters priced out of east coast capitals, could look to Perth to make their move.

DARWIN
March quarter median price - $598,914

Darwin’s housing market is showing early signs of recovery after the decline of the resources boom saw instability. The median house price grew this quarter, to just under $599,000.

In contrast, an oversupply of units has outpaced local demand, resulting in a sharp decline of the median unit price this quarter, to just over $395,000. The mixed market presents opportunity for both first home buyers looking to secure a reasonably priced apartment; and adventurous young families or house hunters who are looking for a change in lifestyle and affordable housing.

CANBERRA
March quarter median price  - $$705,059

Canberra continues to flourish for families, young couples, and investors alike. The median house price broke $700,000 for the first time this quarter, while units fell slightly to just over $400,000. Buyers looking at Canberra are not only considering a top quality of living with great transport, amenities and education but, as Canberra house prices continue to grow, will gain long term value. The capital’s affordable unit price and robust rents make it a prime area for investors to consider.

HOBART
March quarter median price  - $389,625

Hobart has long been the most affordable capital city, and its impressive price growth has seen it become Australia’s dark horse of the property market. Strong growth over the quarter saw the median house price reach more than $389,000, with units close to $294,500. Hobart has the most affordable unit prices of all the capital city markets, but rents in the city are comparable to markets like Perth and Adelaide. This presents an interesting opportunity for investors looking for an affordable option.

Medium prices for key regional areas 
NSW
Newcastle - $570,000
Albury - $347,000
Wollongong - $722,000

VIC
Greater Geelong - $452,000
Ballarat - $325,000
Greater Bendigo - $350,000

QLD
Cairns - $417,000
Gold Coast - $600,000
Sunshine Coast - $570,000

Source: http://www.domain.com.au/product/domain-state-of-the-market-march/