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New data from the Real Estate Institute of Australia (REIA) has revealed that median prices for units are outpacing homes.
In the Real Estate Market Facts report for the September quarter, REIA crunched the numbers to find that while the weighted average capital city median price increased by 1.1 per cent for houses, it lifted by 1.5 per cent for other dwellings, effectively outpacing the detached house market over the period.
New REIA president, Leanne Pilkington, highlighted that “at $781,024, Sydney’s median price for other dwellings continues to be the highest amongst the capital cities, 20.6 per cent higher than the national median”.
And at the other end of the spectrum, with costs averaging $400,000, she pointed out that “Darwin has the lowest median price for other dwellings across Australian capital cities, 38.2 per cent lower than the national median”.
“Over the 12 months to the September quarter, the weighted average median price for other dwellings for the eight capital cities increased by 2.2 per cent.”
“The weighted average median price for other dwellings for the eight capital cities increased to $647,352, a quarterly increase of 1.5 per cent,” she continued.
“Over the quarter, the median price for other dwellings increased in all capital cities except Canberra, where it remained stable.”
Turning attention to detached houses, the weighted average median house price for the eight capital cities rose to $990,807 over the quarter.
Looking at individual cities, Ms Pilkington remarked that “the median house price increased in Sydney, Brisbane, Adelaide, Perth and Darwin, but decreased in Melbourne, Canberra and Hobart”.
She further pointed out that the increases “ranged from 4.4 per cent in Darwin to 2.1 per cent in Sydney”.
“At $1,578,099, Sydney’s median house price continues to be the highest amongst the capital cities, 59.3 per cent higher than the national median. At $590,000, Darwin has the lowest median house price across Australian capital cities, 40.5 per cent lower than the national median.”
Over the 12 months to the September quarter, the weighted average capital city median house price increased by 3.2 per cent.
Rents continue to surge
The REIA also noted that rents continued to surge over the quarter, over most capital cities.
Looking at the data, the September quarter saw the weighted average median rent for three-bedroom houses across all eight capital cities jump to $571 per week, which posits a 3.2 per cent quarterly increase.
Expounding on the findings, the president said: “The median rent for three-bedroom houses increased in Sydney, Melbourne, Brisbane and Adelaide, remained stable in Perth and Canberra, but decreased in Hobart and Darwin.
Sydney saw the highest quarterly increase, at 4.6 per cent.
As for units, the weighted average median rent for two-bedroom other dwellings increased to $581 per week over the three-month period, which marks a quarterly increase of 3.1 per cent.
“The median rent increased in Melbourne, Brisbane, Adelaide Perth, Hobart and Darwin, remained stable in Sydney, but decreased in Canberra,” Ms Pilkington pointed out.
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