INDUSTRY NEWSNationalReal Estate News

National median house price up 7.6 per cent

The national median house price has risen 7.6 per cent in the past 12 months to $1.026 million, according to the latest data.

The Real Estate Institute of Australia (REIA) Market Facts report showed that in the March quarter alone, the median house price climbed 1.9 per cent nationally.

The median house price increased the most in Perth over the quarter, rising 3.8 per cent, followed by Adelaide (2.7 per cent), Sydney (2.1 per cent), Melbourne (2 per cent), Brisbane (1.2 per cent) and Darwin at 0.3 per cent.

In Canberra and Hobart, the median house price dropped 3.1 per cent and 3.4 per cent, respectively.

REIA President, Leanne Pilkington, said Sydney continued to forge ahead as the capital city with the highest median house price in the country.

“At $1,627,625 the median price for a house in Sydney continues to be higher than that of other capital cities, 58.5 per cent higher than the national median,” she said. 

“At $561,500, Darwin has the lowest median price for houses, 45.3 per cent lower than the national median. 

“The national median price for other dwellings increased to $670,667, a quarterly increase of 1.9 per cent.”

Ms Pilkington also highlighted that the median price for other dwellings rose in all capital cities, except for Canberra and Darwin.  

“Increases ranged from 0.3 per cent in Melbourne to 7 per cent in Perth,” she said. 

“At $806,137, the median price for other dwellings in Sydney continues to be the highest from among the capital cities, 20.2 per cent higher than the national median. 

“The lowest median price for other dwellings is found in Darwin, which at $403,000 is 39.9 per cent lower than the national median. 

“Over the 12 months to the March quarter, the national median price for other dwellings increased 7.2 per cent,” she said.

Ms Pilkington said lending for investment now constitutes 36.6 per cent of all finance to households for the purchase of residential property, the largest proportion since June 2017. 

“NSW has a much higher volume of it’s lending on dwellings going on investments than any other state,” she said.

“It is important to note that if an investor borrows money in one state, it doesn’t mean they invest in the same state.”

The report also showed that in the rental market, increases were even more pronounced. 

Nationally, the median weekly rent for a three-bedroom house rose 12.2 per cent in the year to March, to sit at $601.5 per cent. 

Ms Pilkington said in the March quarter alone, the median rent climbed 2.8 per cent for houses and 6.9 per cent for other dwellings. 

“In the March quarter, the national median rent for three-bedroom houses increased to $601 per week, a quarterly increase of 2.8 per cent,” she said.

“The median rent for three-bedroom houses increased in all capital cities. 

“Both Hobart and Darwin had the highest quarterly increase of 3.8 per cent. 

“Other dwelling rents During the quarter, the national median rent for two-bedroom other dwellings increased to $624 per week, a quarterly increase of 6.9 per cent. 

“Median rents increased in all capital cities except Hobart (which remained stable) and Darwin (where the median rent decreased 0.2 per cent). 

“Increases ranged from 1.7 per cent in Canberra to 9.1 per cent in Melbourne.”

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Kylie Dulhunty

Kylie Dulhunty is the Editor at Elite Agent.