The national median house price has passed the $1 million mark after a strong quarter of growth right across the country.
According to the Real Estate Institute of Australia’s (REIA) Real Estate Market Facts report, capital city house prices rose 1.8 per cent, while other dwellings increased 1.7 per cent in the December quarter.
REIA President, Leanne Pilkington, said the national median price for houses officially reached $1,005,242, over the quarter.
“The median price for houses increased in Sydney, Brisbane, Adelaide, Perth, Canberra and Hobart, but decreased in Melbourne, and Darwin,” she said.
“Increases ranged from 1.1 per cent in Canberra to 7.5 per cent in Perth.
“At $1,595,310 the median price for a house in Sydney continues to be higher than in the other capital cities and 58.7 per cent higher than the national median.
“At $560,000, Darwin has the lowest median price for houses, and 44.3 per cent lower than the national median.”
Ms Pilkington said over the 12 months to the December quarter, the national median price for houses increased at a more stable rate of 5.3 per cent.
“The national median price for other dwellings increased to $658,953, a quarterly increase of 1.7 per cent,” she said.
Ms Pilkington said median prices for other dwellings increased in all capital cities except in Melbourne and Hobart, where prices decreased, with increases ranging from 0.8 per cent in Canberra to 4 per cent in Adelaide.
“At $795,994, the median price for other dwellings in Sydney continues to be the highest among the capital cities, 20.8 per cent higher than the national median,” she said.
The lowest median price for other dwellings is found in Darwin, which at $405,000 is 38.5 per cent lower than the national median.
“Over the 12 months to December, the national median price for other dwellings increased 5.8 per cent,” Ms Pilkington said.
Meanwhile, the rental crisis continues to drive up housing costs in most areas, with the national median rent for three-bedroom houses increasing to $585 per week, a quarterly increase of 2.6 per cent.
Ms Pilkington said the median rent for three-bedroom houses increased in all capital cities except Sydney, where it remained stable, while Darwin had the highest quarterly increase of 6.8 per cent.
“During the December quarter, the weighted average median rent for two-bedroom other dwellings increased to $583 per week, a quarterly increase of 0.4 per cent,” Ms Pilkington said.
Median rents increased in Brisbane, Canberra, Hobart and Darwin, and remained stable in all other capital cities, with increases ranging from 0.4 per cent in Darwin to 5.4 per cent in Canberra.
“Vacancy rates in the December quarter decreased in Sydney and Adelaide, but remained stable in all other capital cities,” Ms Pilkington said.
The largest decrease was in Sydney, which fell 0.2 percentage points, while Adelaide continues to have the tightest rental market with a 0.5 per cent vacancy rate.
The weighted national average of vacancy rates from the eight Australian capital cities increased to 1.6 per cent over the quarter, a decrease of 0.1 percentage points over the quarter, and 0.2 percentage points over the past year.
“Darwin has the highest vacancy rate at 2.9 per cent followed by Melbourne at 2.3 per cent,” Ms Pilkington said.
