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MEDIAN house prices surged in the December quarter, with double-digit annual growth recorded in most capital-cities.
The Real Estate Institute of Australia said the residential market was driven by a lack of stock, growing consumer confidence, increased family income, low interest rates and the first home owners grant.
In its latest report, Market Facts, REIA said median prices in Sydney were up by 14.8 per cent to $350,000 compared to prices in December 2000. Melbourne had a 17 per cent hike to $316,000, Brisbane rose 20.5 per cent to $200,000, Adelaide was up 15.3 per cent to $158,000 and Canberra rose by 12.3 per cent to $210,000.
Only Perth ($171,800) Hobart ($123,000) and Darwin ($190,000) recorded single digit growth of 8.6 per cent, 7 per cent and 5.7 per cent respectively.
In Melbourne, Toorak was the most expensive suburb with a median house price of $1.4 million and Broadmeadows was the most affordable with a median price of $145,000.
Brisbane's inner city properties recorded the biggest growth in median prices while in Tasmania, inner Hobart, Launceston and North-West centres had solid growth in house sales and median prices.
Canberra's housing market was dominated by strong sales in the west and northern suburbs including Belconnen, Gungahlin and Hall.
Compared to the September quarter, median weekly house rents remained stable in Sydney ($240), Melbourne ($200), Brisbane ($200), Adelaide ($190) and Perth ($166).
Weekly rents only increased in three cities - Canberra ($235), Hobart ($165) and Darwin ($235).
The highest median weekly rent of $270 was for a two-bedroom unit in Sydney.