House prices top 20% growth for first time since 2002: REIA
A new report from the Real Estate Institute of Australia (REIA) has confirmed Australian house prices have climbed by the highest rate in 20 years.
Over the past year, house prices shot up 23.4 per cent across the country, according to the organisation.
REIA president Adrian Kelly has noted it as the first time since June 2002 that the annual increase has topped 20 per cent.
“At $1,499,126, Sydney’s median house price continues to be the highest amongst the capital cities, 55.9 per cent higher than the national average,” Mr Kelly noted.
On the other end of the spectrum, at $520,000, Perth recorded the lowest median house price of the Australian capital cities, 45.9 per cent lower than the national average.
The latest figures reflect sales up to the end of the September quarter, when the weighted average price of a house in Australia’s capital cities increased by 4.5 per cent and 1.4 per cent for other dwellings.
Looking at the quarterly data, Mr Kelly commented that the period from July to September saw a continuation of the increased demand for houses in all capital cities, with housing increases recorded in each of the eight markets.
“The weighted average median house price for the eight capital cities increased to $961,642,” Mr Kelly shared.
For dwellings other than houses, however, median prices increased in Sydney, Melbourne, Brisbane, Perth and Hobart, but fell back in Adelaide, Canberra and Darwin.
Sydney topped the pile in the average sale price for dwellings other than houses, too.
“At $802,475, Sydney’s median price for other dwellings continues to be the highest amongst the capital cities, 23.3 per cent higher than the national average,” Mr Kelly noted.
Perth proved to have the lowest median price for other dwellings, with the average coming in at $410,000 in the West Australian capital, 37 per cent lower than the national average.
Rental markets were also feeling the impact of rising prices over the quarter, with the average weekly rent increasing 2.4 per cent to $464 per week.
Mr Kelly noted that represented an increase in rental costs in all capital cities except Melbourne, which remained stable.
More from this writer:
-
The often overlooked selling point in homes built after 2010
-
Examining the market impact of SA’s stamp duty shake-up
-
Are Qld’s record low vacancy rates a ‘new normal’?
-
Why Sydney values dropped over October
-
Victoria's rental reforms refresh concerns of investor exodus
-
No-fault evictions out as Victoria reveals new rental reforms
-
‘A bad tax’: Housing Minister says stamp duty should be axed