HOUSE PRICES INCREASE, OTHER DWELLINGS TAKE A HIT AND RENTS KEEP RISING

June 15th,2022

Australian housing prices continued to rise but other dwellings recorded falls over the March quarter, Real Estate Institute of Australia’s (REIA) latest Real Estate Market Facts report has found.

 

REIA President, Mr Hayden Groves said the March quarter of 2022 saw an increase in the weighted average capital city median price for houses and a decline for other dwellings across the Australian residential property market.

“The Australian residential real estate market, at the end of March, was worth an extraordinary $10.2 trillion dollars.

 

“The weighted average capital city median price increased by 0.8% for houses, yet decreased by 0.8% for other dwellings.”

 

Mr Groves said the weighted average median house price for the eight capital cities increased to $1,033,621 over the March 2022 quarter.

 

“The median house price rose in all capital cities except Melbourne, Darwin and Canberra. Increases ranged from 0.1% in Perth to a substantial 8.2% in Adelaide.

 

“At $1,590,932, Sydney’s median house price continues to be the highest amongst the capital cities, 53.9% higher than the national average. At $525,750 Perth has the lowest median house price across Australian capital cities, 49.1% lower than the national average, demonstrating the relative value of the Western Australian market.

 

“The weighted average median price for other dwellings for the eight capital cities is now $656,692, a quarterly decrease of 0.8%, demonstrating the strong nation’s demand for detached family dwellings.

 

“Over the quarter, the median price for other dwellings rose in Brisbane, Adelaide, and Darwin, remained stable in Perth and declined in Sydney, Melbourne, Canberra and Hobart. At $796,524, Sydney’s median price for other dwellings continues to be the highest amongst the capital cities, 21.3% higher than the national average.