- Sydney's median house price is now $1,211,488 - 46.8% above the average
- Perth has the lowest median house price at $490,000 - 40.6% below the average
- Median rent increased in all the capital cities except for Melbourne and Hobart over the past year
Real Estate Market Facts, the latest report from the Real Estate Institute of Australia, have shown that during the December 2020 quarter the weighted average median price in the capital cities for both houses and other dwellings increased.
In particular, houses increased by 6.0% – making the average median house price for the eight capital cities $825,205.
Sydney’s median house price is $1,211,488 which is the highest of all cities – 46.8% higher than the average.
Perth has the lowest median house price at $490,000 which is 40.6% below the national average.
Other dwellings saw increases – albeit at only 0.9%. This follows trends seen nationally whereby owner-occupier’s desire more living space due to being at home for longer periods – such as those who work from home.
Adelaide, however, didn’t see an increase in its median price for other dwellings.
In the 12 months to the December quarter, the weighted average capital city median price for other dwelling increased by 0.6% – less than the figure for houses over the same time frame which was a 6.6% increase.
The weighted average capital city median price for other dwellings is now $601,345.
House rents have also increased – although they remained relatively steady in Sydney, Melbourne and Hobart according to REIA President Adrian Kelly.
“Over the past 12 months, the median rent increased in all capital cities except for Melbourne and Hobart where it remained steady,”
“Other dwelling rents During the quarter, the median rent for 2-bedroom other dwellings increased in Perth, Canberra and Darwin, remained steady in Brisbane and Hobart but decreased in Sydney, Melbourne and Adelaide.”
Adrian Kelly, REIA President
At 6.6%, Darwin recorded the largest increase over the quarter for any of the capital cities.
The median rent for 2-bedroom other dwellings increased in Brisbane, Perth, Hobart, Adelaide, Darwin and Canberra but decreased in Melbourne and Sydney over the 12 months to the December quarter.