PHOTO: Sydney Harbour. FILE
Australia’s median house price has reached an unprecedented $1.113 million, with recent data showcasing a diverse market across major cities. Brisbane, Adelaide, Perth, and Sydney have seen remarkable price surges, while Melbourne experienced a decline.
Amidst high interest rates, inflation, and a challenging cost-of-living landscape, the latest Domain House Price Report, released on Wednesday, illustrates record-high median house and unit prices across combined capitals.
The lion’s share of national house price growth is carried by Perth, Brisbane, Adelaide, and Sydney. Brisbane and Adelaide have surpassed $900,000 in median house prices and are poised to hit the $1 million milestone by year-end, potentially matching Melbourne’s levels, which have retreated to $1.032 million.
Dr. Nicola Powell, Domain’s chief of research and economics, anticipates a stable outlook for Melbourne prices despite recent quarterly results not meeting expectations.
Powell notes a notable slowdown in quarterly gains compared to historic averages across most capital cities, signaling a cooling market. However, this deceleration isn’t likely to translate into better prices for prospective buyers, underscoring ongoing supply constraints.
Sydney’s property market remains robust, achieving its fifth consecutive quarter of price growth. With a median house price of $1,627,625 and unit prices at $806,137, Sydney’s resurgence surpasses recovery levels, reflecting a persistent shortage of supply amidst heightened demand.
In contrast, Melbourne witnessed a 1.5% decline in median house prices, marking its sharpest drop since September 2022. Despite steady population growth, Melbourne grapples with investor exodus due to punitive government taxes, contributing to its subdued performance.
Brisbane’s median house price surged to $924,498, up nearly $103,000 year-on-year and $324,000 over four years. With five consecutive quarters of growth, Brisbane’s housing market demonstrates resilience amid soaring demand and limited supply.
Adelaide broke the $900,000 median house price barrier for the first time, reflecting a staggering 69% rise in five years. Although price growth is slowing, Adelaide remains attractive for interstate investors due to perceived value and rental returns.
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Canberra’s property market shows signs of recovery, with slight annual price growth. However, substantial improvement hinges on reduced market supply and favorable interest rates to boost buyer confidence.
Perth emerges as the top-performing housing market nationally, boasting the steepest annual growth rates for both houses and units. Strong population growth and tight rental markets continue to drive Perth’s upward trajectory.
Darwin witnessed a quarterly decline in house prices but saw a fourth consecutive quarter of unit price growth. Despite fluctuations, Darwin remains the most affordable capital city for unit purchases.
SOURCE: DOMAIN