House prices across the country have experienced substantial growth in 2021, increasing by 23.4 per cent over the past year, according to the latest Real Estate Institute of Australia’s (REIA) Real Estate Market Facts.
REIA president, Adrian Kelly, said this is the first time the annual increase has exceeded 20 per cent since June 2002.
Mr Kelly said the increases in the weighted average capital city median prices in the September quarter were 4.5 per cent for houses and 1.4 per cent for other dwellings.
“The weighted average median house price for the eight capital cities increased to $961,642. Over the quarter, the median house price increased in all capital cities,” he said.
“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. At $520,000 Perth has the lowest median house price across Australian capital cities, 45.9 per cent lower than the national average.”
For dwellings, the price increase hasn’t been as dramatic as the house price increases but has still skyrocketed to new heights.
“The weighted average median price for other dwellings for the eight capital cities increased to $650,876, a quarterly increase of 1.4 per cent,” Mr Kelly said.
“Over the quarter, the median price for other dwellings increased in Sydney, Melbourne, Brisbane, Perth, and Hobart, but declined in Adelaide, Canberra and Darwin. 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.”
The lowest median price for other dwellings across Australian capital cities was Perth, sitting at $410,000, which is 37 per cent lower than the national average.
Mr Kelly said the median weighted average rent for a three-bedroom house in each capital city had increased to $464 per week, representing a quarterly increase of 2.4 per cent.
“The median rent for three-bedroom houses increased in all capital cities except Melbourne, where it remained stable,” he said.
“During the quarter, the weighted average median rent for two-bedroom other dwellings increased to $430 a week. The median rent increased in all capital cities except in Brisbane, Adelaide and Hobart where it remained stable.”
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