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A 25.1 per cent lift in house prices over 2021 is the highest annual lift in value achieved in two decades, according to the institute.
The Real Estate Institute of Australia (REIA) released the data in the latest edition of its Real Estate Market Facts, and comes in the wake of Australia ranking number one internationally for property price gains over 2021.
It means the weighted average median house price across Australia’s eight capital cities leapt to $1.02 million for the December quarter – with every capital city except Darwin recording gains, according to REIA president Hayden Groves.
Highlighting Sydney as streaks ahead, he said: “At $1,601,467, Sydney’s quarterly median house price continues to be the highest amongst the capital cities, 56.7 per cent higher than the national average.”
On the other end of the spectrum, Mr Groves’ hometown of Perth “remains the most affordable with the lowest median house price across Australian capital cities, 48.6 per cent lower than the national average” – at $525,000.
The president expects “with Western Australia finally opening the borders it will be interesting to watch how this impacts on property prices”.
While widespread gains were reported in the housing markets, looking across to other dwelling types, values have been more mixed, the president conceded.
“The weighted average median price for other dwellings, such as villas and flats, for the eight capital cities increased to $658,577, a quarterly increase of 1.8 per cent.”
“Over the quarter, the median price for other dwellings increased in Sydney, Melbourne, Brisbane, Perth and Hobart but declined in Adelaide, Canberra and Darwin,” Mr Groves conceded.
“At $802,255, Sydney’s median price for other dwellings continues to be the highest amongst the capital cities, 21.8 per cent higher than the national average. At $412,500, Adelaide has the lowest median price for other dwellings across Australian capital cities, 38.2 per cent lower than the national average.”
In spite of divergence among house and unit markets when it comes to capital growth, a majority of dwellings are offering decent outcomes for investors, with Mr Groves flagging that over the 12 months to the December quarter, the weighted average capital city median three-bedroom houses increased to $471 per week, a rise of 1.5 per cent over the quarter.
Gains were also seen for two-bedroom “other” dwellings – up to $435 per week, with Mr Groves noting “the median rent increased in all capital cities except in Sydney, where it remained stable and Darwin where it decreased 0.5 per cent”.
ABOUT THE AUTHOR
Grace Ormsby
Grace is a journalist across Momentum property and investment brands. Grace joined Momentum Media in 2018, bringing with her a Bachelor of Laws and a Bachelor of Communication (Journalism) from the University of Newcastle. She’s passionate about delivering easy to digest information and content relevant to her key audiences and stakeholders.
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