The median price for a house in Australia has reached a record high of almost $1 million, according to new figures released in Domain’s House Price Report.
The findings published in the quarterly report remain in keeping with the market we have grown accustomed to in the last few months. The September quarter saw the national median house price rise by another 3.5%, with the Australian median house price now sitting at $994,579.
The national median price for units also rose this quarter to $609,642.
The Australian property market continued its streak of record breaking results, with the 21.9% growth in annual house price the fastest rate of growth on record.
Capital cities across Australia (save for Perth and Darwin) continued to see new records for house prices, while units in Sydney, Melbourne and Adelaide also reached record prices.
Although it feels like record results are the norm this past year for the property market across Australia, a closer look at what is happening within different states and cities reveals some differences in the direction and speed of growth.
What’s the median House Price in Australia?
|Sydney||$1,499,126||$1,432,901||$1,149,828||+ 4.6%||+ 30.4%|
|Melbourne||$1,037,923||$1,021,790||$888,755||+ 1.6%||+ 16.8%|
|Brisbane||$702,455||$673,176||$609,304||+ 4.3%||+ 15.3%|
|Adelaide||$667,888||$632,337||$555,920||+ 5.6%||+ 20.1%|
|Canberra||$1,074,187||$1,015,833||$811,421||+ 5.7%||+ 32.4%|
|Perth||$598,601||$602,248||$545,129||- 0.6%||+ 9.8%|
|Hobart||$698,212||$631,630||$529,190||+ 10.5%||+ 31.9%|
|Darwin||$640,068||$608,760||$480,620||+ 5.1%||+ 33.2%|
|National||$994,579||$961,182||$816,082||+ 3.5%||+ 21.9%|
Source: Domain House Price Report - September 2021
What’s the median Unit Price in Australia?
|Sydney||$802,475||$783,781||$733,049||+ 2.4%||+ 9.5%|
|Melbourne||$576,879||$575,133||$543,587||+ 0.3%||+ 6.1%|
|Brisbane||$396,609||$398,538||$403,766||- 0.5%||- 1.8%|
|Adelaide||$357,615||$340,586||$346,024||+ 5.0%||+ 3.3%|
|Canberra||$489,710||$504,217||$502,548||- 2.9%||- 2.6%|
|Perth||$363,653||$376,029||$359,132||- 3.3%||+ 1.3%|
|Darwin||$359,903||$364,187||$294,668||- 1.2%||+ 22.1%|
|National||$609,642||$603,435||$571,016||+ 1.0%||+ 6.8%|
Source: Domain House Price Report - September 2021
What’s the price of a house in Sydney?
House prices rose by roughly $6,700 a week over the past year, as the median price of a house in Sydney nears a record $1.5million. Sydney house prices have risen at the fastest annual rate of growth on record at a whopping 30.4%.
Sydney unit prices have also hit a new record high of $802,475, gaining almost $20,000 over the September quarter. Unit prices have now surpassed the mid-2017 price peak for the first time, rising at the fastest annual growth rate since then at 9.5%.
Although pacing at the fastest annual growth on record, quarterly growth has been losing momentum, halving from the 9.6% quarterly gains that we saw in March. As the rapid rise in house prices begins to create an affordability barrier for buyers, NSW owner-occupied home loans have begun to see a dip from March highs, however investment home loans have jumped 15% as NSW investors chase capital growth and improved rental conditions.
NSW home sellers have been instilled with confidence following the ease of lockdown restrictions and it shows - with Domain reporting a 29% lift in newly listed homes in September compared to the previous month. With buyer demand still maintaining it’s record highs, the total supply of homes available for sale remains low, dropping 19% below the 5 year average for September.
What’s the price of a house in Melbourne?
Melbourne house prices rose 16.8% over the past year, ending at a record of $1million. Similarly on the units front, prices reached a new record high of $576,879, rising 0.3% over the September quarter.
Feeling the brunt of the pandemic impact more than any other city in Australia, Melbourne saw its September quarter and house price growth more than halved, but still arrives at the highest annual increase in price in 11 years. There is an evident trend following the lengthy lockdowns for buyer preference in larger homes and more space. House prices in Melbourne have grown almost three times faster than units over the past year.
Shaking off the lockdown hangover, it’s clear that Melbourne has a great degree of pent-up demand and supply, with plenty more room for prices to grow. Seller confidence has returned, resulting in a 66% soaring increase in newly listed homes for sale in September compared to the month prior (31% higher than the 5 year average for this month). Buyers and sellers, spurred on by the continued low-interest rates will continue to fuel rebound activity for months to come.
What’s the price of a house in Brisbane?
The price of a house in Brisbane is currently at record highs, at $702,455. House prices have risen almost three times faster than the same quarter last year, rising almost $30,000 just this quarter.
The divergence in price gap between houses and units continues to grow, with unit prices falling a marginal 0.5% over the quarter to $396,608 to sit just 4.7% under the 2016 record high.
Demand remains at record highs for Brisbane property - we are now at the highest number of homes sold in the last 6 years, with house prices at the strongest uplift annually since 2008 at 15.3%.
Buyer demand continues to outrun supply, with an inflow of buyers from other Australian cities seeking out the lifestyle factor that Queensland has to offer. The overall supply of homes for sale has dropped 37% lower than the five year average for the month.
This strong demand continues to see properties being snapped up quicker than they are listed for sale, with many areas unable to replenish sale stock quickly enough to keep up with demand. More sellers are coming to market with newly listed homes for sale 7% higher over the first three weeks.
What’s the price of a house in Canberra?
House prices in Canberra jumped to a new record high of $1,074,187 million, rising 5.7% this quarter to become the second most expensive capital city to purchase a house. This year has seen unprecedented records in Canberra’s price history, with the price of a house rising $720 each day!
Canberra buyers continued to search for their dream home even through lockdowns and restrictions, propping up the auction market which has been running at a historic 80% clearance rate every month this year into the recent lockdown months. The property market is no doubt booming amidst the strong and consistent demand from buyers.
Total supply continued to shrink down to a low not seen in years in September, in spite of a 45% lift in new listings month on month. There have been indications that momentum is slowing in recent weeks as price growth begins to taper.
If you’re thinking of selling this year, time is of the essence! Buyers continue to operate in a sellers’ market due to the heightened competition in securing a sale and historic reduction in total homes available for sale.
Find out what your property could be worth in this current market today by booking a no-obligation, free property appraisal with your local Upside agent to see how your local suburb market has been performing, and where your property sits in comparison.