PHOTO: Australian house prices. FILE
There’s great news for property owners and more heartbreak for first home buyers.
New data has revealed the median house value across Australia has exceeded $1 million for the first time in history.
Buyers across the country paid an average of $1,066,133 to secure a home over the past year, according to Domain’s House Price Report.
This represents an annual increase of 25.2 per cent and a quarterly rise of 6.5 per cent.
“House and unit prices continue to beat records nationally due to lockdown activity rebounds in Sydney, Melbourne and Canberra, high household savings and the ongoing demand from Australians to buy a property,” Domain chief of research and economics Dr Nicola Powell said.
“Demand continues to outstrip supply across a majority of the cities however rapid price growth and affordability issues are likely to shift demand in 2022.
“Price growth has slowed from earlier in 2021 but it is higher than last quarter.”
The report shows that buying a house in Australia’s capital cities is becoming further out of reach for many people.
Property prices in Sydney rose by roughly $1,100 per day over 2021, a total rise of almost $400,000, to a new record of $1.6 million.
“House prices have grown four times faster than units over the past year, a divergence that has created a record price gap with houses now double the price of a unit,” Dr Powell said.
“The rapid escalation in price is proving to be a significant financial barrier to entry for buyers and upgraders against a backdrop of low wage growth.”
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