Australian house prices continue upward trend, hitting new median high
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The national median house price in Australia reached $1,049,136 in the June quarter of 2024, according to a new report by the Real Estate Institute of Australia (REIA).
The latest Real Estate Market Facts report reveals a 1.5% increase in house prices and a 1.1% rise in the price of other dwellings during the quarter.
REIA President Leanne Pilkington said, “The median price for houses increased in Sydney, Brisbane, Adelaide, Perth, Hobart and Darwin, and decreased in Melbourne and Canberra.”
Perth experienced the highest increase at 6.5%, while Darwin saw the lowest at 1.0%.
Sydney remains the most expensive city to buy a house, with a median price of $1,662,448, which is 58.5% higher than the national median.
Darwin continues to be the least expensive capital city, with a median house price of $567,000, 46.0% below the national median.
The national median price for other dwellings, such as apartments and townhouses, increased by 1.1% to $675,133.
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Pilkington noted, “Median prices for other dwellings increased in all capital cities except in Sydney, Melbourne and Darwin, where prices decreased.”
Hobart saw the largest increase in other dwelling prices at 9.0%, while Canberra experienced a 4.1% rise.
The price increases come at a time when housing affordability is at its worst in almost 30 years, with 48.1% of income needed to service a mortgage in Australia.
The rental market also saw increases, with the national median rent for three-bedroom houses rising to $611 per week, a quarterly increase of 1.5%.
Pilkington added, “The median rent for three-bedroom houses increased in all capital cities except Sydney, where it remained stable, and Canberra and Hobart where it decreased.”
Melbourne recorded the highest quarterly increase in three-bedroom house rents at 3.8%.
For two-bedroom other dwellings, the national median rent decreased slightly by 0.5% to $620 per week.
The REIA report highlights the ongoing challenges in the Australian property market, with rising prices and rents putting increased pressure on housing affordability across the country.