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Australia’s median house price is now $1.026 million, according to the latest data from the Real Estate Institute of Australia (REIA).
The REIA’s Real Estate Market Facts (REMF) has revealed a 7.6 per cent lift in median house prices across the country, with price increases seen across almost all of Australia’s capital cities.
Over the year to March 2024, median prices lifted across Sydney, Melbourne, Brisbane, Adelaide, Perth and Darwin.
Perth saw the greatest lift, at 3.8 per cent, while Darwin prices saw the smallest increase, by 0.8 per cent.
Weighing in on the findings, REIA president Leanne Pilkington noted that “at $1,627,625 the median price for a house in Sydney continues to be higher than that of other capital cities, 58.5 per cent higher than the national median”.
“At $561,500, Darwin has the lowest median price for houses, 45.3 per cent lower than the national median,” she continued.
The only capital cities to buck the trend were Canberra and Hobart, as revealed by the president.
Looking into rental prices, Pilkington flagged median rent increases as “even more pronounced” than property value figures. Over the quarter, rental prices for three-bedroom houses were up 2.8 per cent for houses (to $601) and 6.9 per cent for other dwellings.
In fact, median rent for three-bedroom homes increased across all capital cities, with Hobart and Darwin seeing the highest quarterly increases – at 3.8 per cent.
Across all rental properties, Pilkington remarked that median rents increased in all capital cities – barring Hobart (which remained stable) and Darwin, where median rents declined 0.2 per cent.
These increases ranged from 1.7 per cent in Canberra to a huge 9.1 per cent in Melbourne.
