What is the average house price around Australia?
With the country rapidly recovering from the impacts of COVID-19, house and unit prices have picked up across the country, so where can you afford to buy today?
All capital city housing markets are experiencing “remarkable boom-time conditions”, Archistar’s latest National Housing Market Report for February to March has revealed.
According to Archistar chief economist Dr Andrew Wilson, property markets breathed new life in the latter part of 2020, as buyer and seller activity gained much-needed traction following the easing of COVID lockdowns across the country.
“2021 has commenced with an acceleration of home buyer and seller activity as housing markets generally report record-level conditions,” Dr Wilson opined.
In fact, according to Archistar’s data, even Melbourne, which bore the brunt of the turbulent year following several tight lockdowns, bounced back vigorously over the final months of the year.
This momentum in market activity flowed on into 2021, with the acceleration of price growth across the housing market expected to be sustained for the most part of this year.
As things currently stand, Sydney is the leader in terms of the increase in the median house asking price with growth of 1.3 per cent to $1,210,406.
Brisbane is next with 0.7 per cent, Perth with 0.5 per cent and Melbourne with 0.3 per cent. Adelaide, on the other hand, emerged as the only city to suffer a decrease of 0.6 per cent.
“Strong buyer activity is being reported through most capital city regions, price ranges, property categories and buyer types,” Dr Wilson said.
In terms of growth in median unit asking price over the month, Melbourne was the winner with a 1.8 per cent boost to $460,000.
Conversely, the remaining capital cities suffered a decline, with Perth witnessing the largest downfall at 1.9 per cent, followed by Sydney with 1.2 per cent, Adelaide with 0.7 per cent and Brisbane with 0.6 per cent.
Despite the recent strong growth, Melbourne and Sydney remain driven by “positive affordability” as house prices still lie below levels recorded three years ago, Dr Wilson concluded.
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Capital city
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Median house asking price |
Median unit asking price |
|
Sydney |
$1,210,406 |
$575,200 |
|
Melbourne |
$851,401 |
$460,271 |
|
Brisbane |
$574,959 |
$384,424 |
|
Adelaide |
$574,541 |
$284,385 |
|
Perth |
$556,089 |
$334,687
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