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The weighted average capital city median price for both houses and other dwellings surged over the December quarter, marking a successful end to a COVID-impacted 2020.
Real Estate Market Facts, a new report by the Real Estate Institute of Australia (REIA), revealed that the average capital city median price increased by 6.0 per cent for houses and 0.9 of a percentage point for other dwellings over the December 2020 quarter.
Across the eight capital cities, the weighted average median house price rose to $825,205, with an average median price increase witnessed across the capitals.
Sydney continued to be the most expensive city, with a median house price of $1,211,488, while Perth recorded the most affordable median house price of $490,000.
In the 12 months to the December 2020 quarter, the average capital city median house price increased by 6.6 per cent.
For other dwellings, the median price across the eight capital cities added 0.6 of a percentage point to sit at $601,345, with all capitals witnessing a rise but Adelaide.
According to the REIA, house rents followed the upward trend.
In the December quarter, the median rent for three-bedroom houses increased in Brisbane, Adelaide, Perth, Canberra and Darwin and remained steady in Sydney, Melbourne and Hobart.
In terms of other dwelling rents during the quarter, two-bedroom other dwellings saw a rent increase in Perth, Canberra and Darwin, with Darwin recording the largest increase of 6.6 per cent.
Meanwhile, other dwelling rents remained steady in Brisbane and Hobart, and decreased in Melbourne, Sydney and Adelaide.
Additionally, in the 12 months to the December quarter, the median rent for two-bedroom other dwellings increased in Brisbane, Adelaide, Perth, Hobart, Canberra and Darwin but decreased in Sydney and Melbourne.
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