Regional centres and coastal areas remain a draw, peak body says
House prices skyrocketed by 18.4% over the year to June according to the Real Estate Institute of Australia’s latest Real Estate Market Facts report, which records all sales that have settled.
Over the June quarter, the weighted average capital city median price for houses increased by 4.4% to $913,946, while the price for other dwellings rose 2.9% to $632,889, REIA reported.
“At $1,410,133, Sydney’s median house price continues to be the highest among the capital cities, 54.3% higher than the national average,” said REIA President Adrian Kelly. “At $515,000, Perth has the lowest median house price across Australian capital cities, 43.7% lower than the national average.”
Kelly said major regional centres and coastal areas remained a draw for those fleeing the cities. Strong interest in Australians moving interstate and repatriating Australians drove price premiums, he said.
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According to REIA’s report, significant regional price gains through the year included: Darwin up 21.5%, Broome up 22%, Bendigo up 14.3%, and Launceston up 22%. In regional South Australia, median house prices rose in Mount Gambier (12.8%) and Port Lincoln (17%). All regional areas in Queensland saw price increases over the year, the report said.
