Property news you need to know: The week ending 19 September
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With double-digit growth and the steepest price acceleration in almost three decades, Canberra continues to dominate the housing market, new research has revealed.
Canberra has surpassed its capital city counterparts to take out pole position for the highest quarter-on-quarter price lift of 10.4 per cent in the three months to June, becoming also the only capital to record double-digit growth, new data from Domain has revealed.
Over the June 2021 quarter, the combined capitals recorded a 5.8 per cent increase in house prices, which brought the median to $955,927.
But Canberra had other good news to celebrate, having joined the $1 million club. In the months to June, its median house price surpassed the $1 million mark to sit at $1,015,833. This constitutes a daily increase of $1,054 over the June quarter and a total rise of $96,000.
“This is the steepest price acceleration in almost three decades. Median house prices in the inner north, inner south and Woden Valley are above seven digits,” Domain noted.
According to Domain, Canberra’s growth and resilience in a COVID-altered market could be attributed to several factors, including a higher average income, a large public sector employment base, lifestyle and a turnaround in internal migration.
Further, the strength of buyer demand across the capital city eclipsed the level of available stock.
Indeed, the competition in Canberra was evident in the auction market, where clearance rates were above 80 per cent all year.
“A strong auction performance and heightened buyer demand have resulted in the number of homes advertised for sale hitting a multi-year low, even despite new listing tracking higher in recent months.
“This highlights the strong underlying demand that continues to build… This will continue to fuel price growth,” Domain said.
Just behind Canberra was Darwin, with house price growth of 8.9 per cent, followed by Sydney with 8.2 per cent, Hobart with 6.6 per cent, Adelaide with 5.4 per cent, Brisbane with 5 per cent, Melbourne with 4.1 per cent and with 1 per cent.
Year-on-year, Canberra remained the winner, with house price growth of an impressive 29.2 per cent – surpassing the national annual growth of 18.8 per cent.
Hobart followed with 28.4 per cent, then Sydney with 24 per cent, Darwin with 22.3 per cent, Adelaide with 16.3 per cent, Melbourne with 16.2 per cent, Brisbane with 13 per cent and Perth with 12.3 per cent.
As of June 2021, Sydney held the highest median house price at $1.410 million, followed by Melbourne with $1.022 million and Canberra with $1.015 million.
According to Domain, these are the median prices across each capital city as of June 2021:
House: $1,410,133 (Most expensive - houses)
Unit: $786,175 (Most expensive - units)
Unit: $337,932 (most affordable - units)
House: $595,823 (most affordable - houses)
A house refers to a building or property used as living quarters or an individual’s place of permanent or temporary residence.