{"id":36662,"date":"2022-01-28T10:09:34","date_gmt":"2022-01-27T21:09:34","guid":{"rendered":"https:\/\/propertynoise.co.nz\/au\/?p=36662"},"modified":"2022-01-28T10:09:34","modified_gmt":"2022-01-27T21:09:34","slug":"australias-median-house-price-passes-1-million-for-first-time-in-history","status":"publish","type":"post","link":"https:\/\/propertynoise.co.nz\/au\/australias-median-house-price-passes-1-million-for-first-time-in-history\/","title":{"rendered":"Australia\u2019s median house price passes $1 million for first time in history"},"content":{"rendered":"

PHOTO: Australian house prices. FILE<\/strong><\/p>\n

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There\u2019s great news for\u00a0property owners\u00a0and more heartbreak for first home buyers.<\/p>\n

New data has revealed the median house value across\u00a0Australia has exceeded $1 million for the first time in history.<\/p>\n

Buyers across the country paid an average of $1,066,133 to secure a home over the past year, according to Domain\u2019s\u00a0House Price Report.<\/p>\n

This represents an annual increase of 25.2 per cent and a quarterly rise of 6.5 per cent.<\/p>\n

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The new Domain House Price Report has found that Australia\u2019s median house price is now more than $1 million<\/span>\u00a0Credit:\u00a0Getty Images<\/span><\/strong><\/em><\/figcaption><\/figure>\n

\u201cHouse 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,\u201d Domain chief of research and economics Dr Nicola Powell said.<\/p>\n

\u201cDemand continues to outstrip supply across a majority of the cities however rapid price growth and affordability issues are likely to shift demand in 2022.<\/p>\n

\u201cPrice growth has slowed from earlier in 2021 but it is higher than last quarter.\u201d<\/p>\n

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The report shows that buying a house in Australia\u2019s capital cities is becoming further out of reach for many people.<\/p>\n

Property prices in\u00a0Sydney<\/strong>\u00a0rose by roughly $1,100 per day over 2021, a total rise of almost $400,000, to a new record of $1.6 million.<\/p>\n

\u201cHouse 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,\u201d Dr Powell said.<\/p>\n

\u201cThe 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.\u201d<\/p>\n

\"Sydney<\/picture>
Sydney property prices continue to surge.<\/span>\u00a0Credit:\u00a0Sunrise<\/span><\/strong><\/em><\/figcaption><\/figure>\n

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