REIA President Hayden Groves said the average median house price for the eight capital cities, increased to $1,021,710 for the December quarter.
“Over the quarter, the median house price increased in all capital cities except Darwin. At $1,601,467, Sydney’s quarterly median house price continues to be the highest among the capital cities, 56.7 per cent higher than the national average,” he said.
“At $525,000, my home town of Perth remains the most affordable with the lowest median house price across Australian capital cities, 48.6 per cent lower than the national average.
“With Western Australia finally opening the borders, it will be interesting to watch how this impacts on property prices.”
Mr Groves says it is the first time since June 2002 that the annual increase has been higher than 20 per cent.
“The average median price for other dwellings, such as villas and flats, for the eight capital cities increased to $658,577, a quarterly increase of 1.8 per cent,” he said.
“Over the quarter, the median price for other dwellings increased in Sydney, Melbourne, Brisbane, Perth and Hobart but declined in Adelaide, Canberra and Darwin.
“At $802,255, Sydney’s median price for other dwellings continues to be the highest among the capital cities, 21.8 per cent higher than the national average. At $412,500, Adelaide has the lowest median price for other dwellings across Australian capital cities, 38.2 per cent lower than the national average.”
The median rent for three-bedroom houses increased in all capital cities except Sydney, where it remained stable and Darwin where it decreased by 3.7 per cent.
During the quarter, the average median rent for two-bedroom dwellings increased to $435 a week. The median rent increased in all capital cities except in Sydney, where it remained stable and Darwin where it decreased 0.5 per cent.
Mr Groves said investor and regional activity remained strong with property seen to be a ‘go to’ investment destination amid growing global uncertainty.
“Regional markets have generally enjoyed a period of sustained growth with key centres like Wollongong (30.4 per cent), Launceston (49.3 per cent), Sunshine Coast (32.9 per cent) and Mt Gambier (14.9 per cent) recording large annual increases,” he said.
“Household investor finance increased by 13.4 per cent in the December quarter with investors continuing to enter the market confidently in this phase of the Covid-19 pandemic.”
