House prices have blown up by a whopping 18.4 per cent over the year to June, according to the Real Estate Institute of Australia (REIA).
REIA President Adrian Kelly revealed that over the June quarter, the weighted average capital city median house price increased by 4.4 per cent to a record $913,946.
“At $1,410,133, Sydney’s median house price continues to be the highest amongst the capital cities, 54.3 per cent higher than the national average,” Mr Kelly said.
“At $515,000 Perth has the lowest median house price across Australian capital cities, 43.7 per cent lower than the national average.
Other dwellings also saw noticeable increases, with a national increase of 2.9 per cent to reach $632,889.
“At $786,175, Sydney’s median other dwelling price continues to be the highest amongst the capital cities, 22.3 per cent higher than the national average,” Mr Kelly said.
“At $400,000 Perth has the lowest median other dwelling price across Australian capital cities, 37.8 per cent lower than the national average.
“Over the 12 months to the June quarter, the weighted average capital city median price for other dwellings increased by 8.6 per cent.”
Mr Kelly explained major regional centres and coastal areas continued to pique the interest of those escaping the city.
The combination of Australians moving interstate and strong interest from repatriating Australians resulting in premiums in home sales.
According to the Real Estate Market Facts report, other significant price movements across the year include:
- Townsville up 10.1 per cent
- Mount Gambier up 12.8 per cent
- Cairns 13.2 up per cent
- Bendigo up 14.3 per cent
- Port Lincoln up 17 per cent
- Gold Coast up 21.4 per cent
- Darwin up 21.5 per cent
- Broome up 22 per cent
- Launceston up 22 per cent
- Wollongong up 23.1 per cent
- Newcastle up 21.9 per cent
- Sunshine Coast up 27 per cent
Mr Kelly said the weighted average median rent for three-bedroom houses in the eight capital cities increased to $453 per week, a quarterly increase of 0.4 per cent.
The median rent for three-bedroom houses increased in Perth, Canberra, Hobart and Darwin but remained stable in all other capital cities.
“The median rent for two-bedroom other dwellings increased in Adelaide, Perth and Darwin, remained stable in Sydney and Hobart, but decreased in the other capital cities. Darwin had the largest increase over the quarter to 12.4 per cent,” Mr Kelly said.
