National median house price rises 7.6% over year to March 2024, REIA report finds
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The national median house price increased by 7.6% over the year to March 2024, reaching $1,026,903, according to the latest Real Estate Institute of Australia (REIA) Real Estate Market Facts (REMF) report.
REIA President Leanne Pilkington said median house prices increased in Sydney, Melbourne, Brisbane, Adelaide, Perth and Darwin, and decreased in Canberra and Hobart, with increases ranging from 0.3% in Darwin to 3.8% in Perth.
“At $1,627,625 the median price for a house in Sydney continues to be higher than that of other capital cities, 58.5% higher than the national median. At $561,500, Darwin has the lowest median price for houses, 45.3% lower than the national median,” Ms Pilkington said.
The national median price for other dwellings (units, apartments etc) increased to $670,667, a quarterly increase of 1.9%. Median prices for other dwellings increased in all capital cities except Canberra and Darwin, ranging from 0.3% in Melbourne to 7.0% in Perth.
Sydney continued to have the highest median price for other dwellings at $806,137, 20.2% higher than the national median, while Darwin had the lowest at $403,000, 39.9% lower than the national median.
Over the 12 months to the March quarter, the national median price for other dwellings increased by 7.2%.
Ms Pilkington noted that lending for investment now constitutes 36.6% of all finance to households for the purchase of residential property, the largest proportion since June 2017, with NSW having a much higher volume of its lending on dwellings going to investments than any other state.
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The report also found that increases in median rent were even more pronounced, with a 2.8% increase for houses and 6.9% for other dwellings.
The national median rent for 3-bedroom houses increased to $601 per week, a quarterly increase of 2.8%, with median rents increasing in all capital cities. Both Hobart and Darwin had the highest quarterly increase of 3.8%.
For 2-bedroom other dwellings, the national median rent increased to $624 per week, a quarterly increase of 6.9%. Median rents increased in all capital cities except Hobart (which remained stable) and Darwin (where the median rent decreased 0.2%), with increases ranging from 1.7% in Canberra to 9.1% in Melbourne.