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Queensland regains AAA rating

The Queensland local authority has regained its AAA credit rating.

The Real Estate Institute of Australia (REIA) has published data highlighting a 1.4 per cent increase in average house prices in the country's eight capital cities during the June quarter.

According to the Bendigo Bank/REIA Real Estate Market Facts publication, the weighted average median house price now stands at AU$519,768.

The largest increase of 4.8 per cent was seen in Hobart, while Canberran property values were down five per cent on the previous quarter.

REIA president Pamela Bennett commented: "Every capital city with the exception of Adelaide, Hobart and Canberra experienced strong demand for rental accommodation during the June quarter. National vacancy rates remain low."

She added that Sydney presently has the highest median house values of AU$642,425.

Earlier this year, Ms Bennett highlighted a positive start to the year for the Australian property sector, with average house prices remaining stable in the first quarter in comparison to the previous three-month period.

Posted by Steve Douglas

- AAA, rating, REIA, grant

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