- Other dwellings rose +2.9% during the June quarter
- Sydney has the highest median hosue price, which is 54.3% above the national average
- Perth has the lowest house median price, at 43.7% below the national average
The weighted average capital city median house price increased by 4.4% during the June quarter to a record level of $913,946, according to the Real Estate Insitute of Australia (REIA)’s latest Real Estate Market Facts report.
The report, which records all sales that have settled, also revealed there was a 2.9% rise in the value of other dwellings, to $632,889.
Sydney’s median house price of $1,410,133 remains the highest among the capital cities at 54.3% above the national average.
At $515,000, Perth has the lowest median house price across the capital cities, or 43.7% below the national average.
“At $786,175, Sydney’s median other dwellings [units and apartments] price continues to be the highest amongst the capital cities, 22.3% higher than the national average,” said REIA President, Adrian Kelly.
Perth also has the lowest of the other dwellings with a median of $400,000 – 37.8% below the national average.
“Over the 12 months to the June quarter, the weighted average capital city median price for other dwellings increased by 8.65%,” he added.
The news comes the REIA earlier this month revealed the proportion of income to meet loan repayments has increased from 27.2% to 35.7% over the past twenty years.
The wave of Australians moving to regional centres and coastal areas have contributed to a rise in regional house prices, as have those moving interstate and repatriating Australians returning.
Sunshine Coast is up 27%, Wollongong 23.1% with Broome and Launceston are both up 22%.
Along with the Sunshine Coast, all regional Queensland zones recorded increases over the past year, with Gold Coast up 21.4%, Townsvile 10.1% and Cairns 13.2%.
Mr Kelly noted that the weighted average median rent for 3 bedroom houses in the eight capital cities increased to $453 per week, representing a quarterly increase of 0.4%.
In terms of individual cities, an increase was recorded in Perth, Canberra, Hobart and Darwin but was stable in all the other capital cities.
“The median rent for two-bedroom houses increased in Adelaide, Perth and Darwin, remained stable in Sydney and Hobart, but decreased in all the other capital cities. Darwin had the largest increase over the quarter (12.4%),” added Mr Kelly.