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Australia’s house prices just went up again in a big way.
Bad news for those hoping to wait out the property boom, the Australian property market just increased at the highest quarterly rate in a decade.
According to the Real Estate of Australia’s latest Real Estate Market Facts report, the weighted average capital city median price increased by 6.8 per cent for houses and by 2.7 per cent for other dwellings over the March quarter.
REIA president Adrian Kelly noted that the growth represented the highest rate of quarterly growth in a decade. He also noted that this trend coincides with recent figures released by the ABS, highlighting the value of new loan commitments for housing covering the same period of time.
In the 12-month period prior to the March quarter, the weighted average capital city median house price increased by 11.1 per cent.
“Over the March quarter, the weighted average median house price for the eight capital cities rose to $873,911 with all cities increasing except Canberra,” Mr Kelly noted.
At a weighted average median house price of $1,309,195, Sydney continued to be the frontrunner here. It boasted a median house price that was 49.8 per cent higher than the national average.
On the other end of the spectrum, has the lowest median house price across Australian capital cities. At $500,000, it came in at 42.8 per cent lower than the national average.
“Over the quarter, the median price for other dwellings increased in Sydney, Melbourne, Perth, Hobart and Darwin, remained steady in Brisbane and Canberra but decreased in Adelaide. Other the 12 months to the March 2021 quarter, the weighted average capital city median price for other dwellings increased by 3.0 per cent,” Mr Kelly said.
As for rental markets, the REIA noted that median rent for three-bedroom houses increased over the past 12 months in all capital cities except Melbourne.
Thanks to an annual growth rate of 17.3 per cent, Darwin now has the second-highest rent in the country. At $538.50 per week, it’s closing in on Canberra – which leads with $570 per week.
The report also noted that the national capital city vacancy rate is now at 3.3 per cent.
The REIA said that this is “primarily due to Melbourne’s rate of 6.1 per cent”.