PHOTO: FILE
The national median house price has increased by 7.6% over the past year, reaching $1.026 million, according to the latest data.
The Real Estate Institute of Australia (REIA) Market Facts report reveals that in the March quarter alone, the median house price rose by 1.9% nationwide.
Perth saw the highest quarterly increase in the median house price at 3.8%, followed by Adelaide (2.7%), Sydney (2.1%), Melbourne (2%), Brisbane (1.2%), and Darwin (0.3%).
Conversely, Canberra and Hobart experienced declines in median house prices, dropping by 3.1% and 3.4%, respectively.
REIA President Leanne Pilkington noted that Sydney remains the capital city with the highest median house price in the country.
“At $1,627,625, the median price for a house in Sydney is 58.5% higher than the national median,” she said.
“Darwin has the lowest median house price at $561,500, which is 45.3% lower than the national median.”
The national median price for other dwellings rose to $670,667, marking a quarterly increase of 1.9%.
Ms. Pilkington also highlighted that the median price for other dwellings increased in all capital cities except Canberra and Darwin.
“Increases ranged from 0.3% in Melbourne to 7% in Perth,” she said.
“Sydney continues to have the highest median price for other dwellings at $806,137, which is 20.2% higher than the national median.”
“Darwin has the lowest median price for other dwellings at $403,000, 39.9% lower than the national median.”
Over the past year, the national median price for other dwellings has increased by 7.2%.
Ms. Pilkington stated that lending for investment now constitutes 36.6% of all finance to households for purchasing residential property, the highest proportion since June 2017.
“NSW has a significantly higher volume of its lending on dwellings directed towards investments compared to other states,” she said.
“It’s important to note that if an investor borrows money in one state, it doesn’t necessarily mean they invest in the same state.”
In the rental market, the report showed even more significant increases.
Nationally, the median weekly rent for a three-bedroom house rose by 12.2% over the year to March, reaching $601.
Ms. Pilkington said that in the March quarter alone, the median rent climbed by 2.8% for houses and 6.9% for other dwellings.
“In the March quarter, the national median rent for three-bedroom houses increased to $601 per week, a quarterly rise of 2.8%,” she said.
“The median rent for three-bedroom houses increased in all capital cities, with Hobart and Darwin seeing the highest quarterly increase at 3.8%.”
“For other dwellings, the national median rent for two-bedroom units increased to $624 per week, a quarterly increase of 6.9%.”
“Median rents rose in all capital cities except Hobart, where they remained stable, and Darwin, where the median rent decreased by 0.2%.”
“Increases ranged from 1.7% in Canberra to 9.1% in Melbourne.”