RESIDENTIAL PROPERTY

House prices continue to defy pandemic

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AUSTRALIAN house prices have risen by nearly 20% over past year, with both the country’s capital cities and major regional areas experiencing gains.

According to REIA’s Real Estate Market Facts for the June quarter, the weighted average capital city median house price has increased by 4.4% for the quarter, reaching a record of $913,946.

At the same time, other dwellings reached $632,889, a 2.9% quarterly increase and a 8.6% yearly increase.

Sydney still boasts the greatest median house price among capital cities at $1,410,133, sitting 54.3% above the national average.

Sydney’s median other dwelling price is also still the highest of capital cities and sitting well above the national average, at $786,175 or 22.3% above the average.

Conversely, Perth had the lowest capital city median house price, sitting 43.7% lower than the national average at $515,000.

Likewise, Perth’s median other dwelling price was also the lowest among other capital cities at $400,000 or 37.8% below the national average.

According to Adrian Kelly, REIA president, major regional centres and coastal areas are also continuing to attract the interest of Australians looking to escape capital cities, both interstate and within their home state.

As a major beneficiary of this phenomenon, all regional zones in Queensland recorded an annual increase, with the Sunshine Coast leading with 27.0%, followed by the Gold Coast with 21.4%, Cairns with 13.2% and Townsville with 10.1%.

While in regional South Australian median house prices rose in Port Lincoln by 17.0% and Mount Gambier by 12.8%.

Additionally, Wollongong recorded a 23.1% price increase annually, while both Launceston and Broome saw a 22% rise. Newcastle recorded a 21.9% yearly increase, Darwin a 21.5% increase and Bendigo reported a 14.3% rise.

Rents also saw increases, with the weighted average capital city rent for three-bedroom houses rising by 0.4% to $453 per week, with the median growing across Perth, Canberra, Hobart and Darwin and sitting steading in the remaining four.

In Adelaide, Perth and Darwin the median rent for two-bedroom other dwellings increased, with Darwin reporting the greatest increase over the quarter at 12.4%.

Meanwhile, Sydney and Hobart’s rents in this segment remained stable and the remaining capital cities reported declines.

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