House prices have inflated by a whopping 18.4 per cent over the year to June 2021, the Real Estate Institute of Australia (REIA) announced this week.
The REIA’s quarterly report ‘Real Estate Market Facts’, which records all sales that have settled, shows that over the June quarter, the capital city median price increased by 4.4 per cent for houses to $913,946. ‘Other dwellings’ were up by 2.9 per cent to $632,889.
REIA president Adrian Kelly said that at $1,410,133, Sydney's median house price continues to be the highest among the capital cities, 54.3 per cent higher than the national average. At $515,000 Perth has the lowest median house price across Australian capital cities, 43.7 per cent lower than the national average.
“Sydney’s multi-unit dwellings also continues to top the lot, with a median price of $786,175, 22.3 per cent higher than the national average”, Kelly said.
At $400,000, Perth had the lowest median house price across Australian capital cities, 37.8 per cent lower than the national average.
“Over the 12 months to the June quarter, the weighted average capital city median price for ‘other dwellings’ increased by 8.6 per cent.”
Kelly noted that major regional centres and coastal areas continue to pique the interest of those escaping the city, moving interstate or repatriating, resulting in premiums in home sales.
The report shows that significant regional price movements across the year include: Darwin up 21.5 per cent, Broome 22 per cent, Bendigo 14.3 per cent, Launceston 22 per cent, Wollongong 23.1 per cent and Newcastle 21.9 per cent.
In regional South Australia, median house prices increased in Mount Gambier (12.8 per cent) and Port Lincoln (17 per cent) over the year. All regional Queensland zones increased over the past year: the Gold Coast (21.4 per cent), Sunshine Coast (27 per cent), Townsville (10.1 per cent) and Cairns (13.2 per cent).
Kelly said that the weighted average median rent for three bedroom houses in the eight capital cities increased to $453 per week, a quarterly increase of 0.4 per cent. The median rent for three-bedroom houses increased in Perth, Canberra, Hobart and Darwin but remained stable in all other capital cities
During the quarter, the median rent for two-bedroom ‘other dwellings’ increased in Adelaide, Perth and Darwin, remained stable in Sydney and Hobart, but fell in other capital cities. Darwin had the largest increase over the quarter 12.4 per cent.