House prices continue to rise, but which city is now the most expensive?
While house prices in capital cities continue to grow, units are struggling to keep up as a result of the COVID-19 pandemic.
Figures from SQM Research revealed that capital city average house prices have increased 3.5 per cent over the week ending 6 April 2021, bringing the median asking price to $1,006,500. Over the month, house prices have remained stable, while annual figures indicate a 1.9 per cent increase.
In contrast, average unit prices across capital city markets decreased by 1.5 per cent to a median of $564,300 over the same week. This reflects a monthly decline of 0.9 per cent and an annual decline of 1.8 per cent.
Still, both house and unit median asking prices have exceeded the national average, which currently sits at $653,800 for houses and $415,700 for units.
“Regional locations have pushed up the national average as buyers move out of the big cities and renters become home owners, helped on by government incentives,” SQM Research CEO Louis Christopher said.
Looking at the markets separately, Sydney topped the tally for house price growth with a 3.7 per cent boost in the week ending 6 April. Canberra, on the other hand, led the unit asking price growth with a 5.2 per cent increase.
Meanwhile, based on monthly data, Darwin dominated the house market with growth of 1.1 per cent, while Hobart dominated the unit market after a 6 per cent boost.
Annually, Hobart saw the highest house price growth at 8.7 per cent, while Darwin saw the highest unit price growth at 20 per cent – the only capital city to witness double-digit growth for the whole year.
Building on its strong growth rate, Sydney recorded the highest median asking price for both houses and units at $1,411,300 and $671,700, respectively.
Adelaide, on the other hand, was the most affordable capital city with a median house price of $539,300 and a median unit price of $321,000.
How much do you need?
Depending on which capital city investors choose to buy in, here’s what they can expect to spend and an indication of asking rents:
Sydney
Buy houses: $1,411,300
Buy unit: $671,700
Rent houses: $656
Rent units: $452.8
Melbourne
Buy houses: $1,026,200
Buy unit: $569,800
Rent houses: $511.8
Rent units: $366.4
Brisbane
Buy houses: $672,300
Buy unit: $384,400
Rent houses: $486.9
Rent units: $384.8
Perth
Buy houses: $668,400
Buy unit: $389,600
Rent houses: $514.1
Rent units: $386.5
Adelaide
Buy houses: $539,300
Buy unit: $321,000
Rent houses: $436
Rent units: $329.1
Canberra
Buy houses: $827,000
Buy unit: $473,700
Rent houses: $658.9
Rent units: $493.2
Darwin
Buy houses: $588,800
Buy unit: $35,100
Rent houses: $584.3
Rent units: $400.2
Hobart
Buy houses: $627,600
Buy unit: $388,600
Rent houses: $484.7
Rent units: $423.3
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