Several capital cities have also seen strong rental growth
The median price for units has been rising at a faster pace compared to housing prices, according to the Real Estate Institute of Australia’s latest Market Real Estate Facts report.
Additionally, several capital cities have experienced strong rental growth.
The September quarter of 2023 has shown some mixed outcomes, according to REIA President Leanne Pilkington.
“The weighted average capital city median price increased by 1.1% for houses and 1.5% for other dwellings,” Pilkington said. “The weighted average median house price for the eight capital cities rose to $990,807 over the quarter. “The median house price increased in Sydney, Brisbane, Adelaide, Perth and Darwin, but decreased in Melbourne, Canberra and Hobart.”
Notably, Darwin experienced the highest increase of 4.4%, while Sydney had a 2.1% increase. Sydney maintained its position as the city with the highest median house price at $1,578,099, which is 59.3% higher than the national median. Conversely, Darwin had the lowest median house price among Australian capital cities at $590,000, which is 40.5% lower than the national median.
Furthermore, Pilkington noted that over the 12 months leading up to the September quarter, the weighted average capital city median house price increased by 3.2%.
Read next: Where is it cheaper to buy than rent in Australia?
As for other dwellings, the weighted average median price for the eight capital cities reached $647,352, showing a quarterly increase of 1.5%. While the median price for other dwellings increased in all capital cities except Canberra, where it remained stable, Sydney stood out with the highest median price at $781,024, which is 20.6% higher than the national median. Conversely, Darwin had the lowest median price for other dwellings among Australian capital cities at $400,000, which is 38.2% lower than the national median. Over the 12 months leading up to the September quarter, the weighted average median price for other dwellings across the eight capital cities increased by 2.2%.
Rental prices
Regarding rents, the September quarter showed an increase in the weighted average median rent for three-bedroom houses in the eight capital cities, reaching $571 per week, which is a quarterly increase of 3.2%.
Sydney, Melbourne, Brisbane, and Adelaide witnessed an increase in median rent for three-bedroom houses, while Perth and Canberra remained stable, and Hobart and Darwin experienced a decrease. Sydney had the highest quarterly increase of 4.6%. Additionally, the weighted average median rent for two-bedroom other dwellings increased to $581 per week, showing a quarterly increase of 3.1%.
Melbourne, Brisbane, Adelaide, Perth, Hobart, and Darwin saw an increase in median rent for two-bedroom other dwellings, while Sydney remained stable, and Canberra experienced a decrease.
REIA recently released its Getting Real 2.0 report, which discusses the issues facing Australia’s housing market.
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