Australia’s average house is now worth over a million dollars, a new report suggests.
The latest Real Estate Institute of Australia (REIA) Real Estate Market Facts (REMF) has revealed the national median house price grew by 7.6% over the year to March, 2024 increasing to $1,026,903.
The report shows that the median price for houses increased in Sydney, Melbourne, Brisbane, Adelaide, Perth and Darwin, and decreased in Canberra and Hobart.
REIA President Leanne Pilkington noted that increases ranged from 0.3% in Darwin to 3.8% in Perth.
“At $1,627,625 the median price for a house in Sydney continues to be higher than that of other capital cities, 58.5% higher than the national median”, Pilkington said, adding that at $561,500, Darwin has the lowest median price for houses, 45.3% lower than the national median.
Prices for multi-unit homes have also lifted, with the report showing that the national median price for ‘other dwellings’ increased to $670,667, a quarterly rise of 1.9%.
“Median prices for other dwellings increased in all capital cities except Canberra and Darwin, where prices decreased”, Pilkington noted.
“Increases ranged from 0.3% in Melbourne to 7.0% in Perth. At $806,137, the median price for other dwellings in Sydney continues to be the highest from among the capital cities, 20.2% higher than the national median.
“The lowest median price for other dwellings is found in Darwin, which at $403,000 is 39.9% lower than the national median.
“Over the 12 months to the March quarter, the national median price for other dwellings increased 7.2%,” she said.
Pilkington remarked that lending for investment now constitutes 36.6% of all finance to households for the purchase of residential property, the largest proportion since June 2017.
She also noted that state figures are not necessarily indicative of where the investments are being placed, however.
“While NSW has a much higher volume of its lending going on investments than any other state, it is important to note that if an investor borrows money in one state, it doesn’t mean they invest in the same state.”
According to the report, increases in median rent were even more pronounced: 2.8% for houses and 6.9% for other dwellings.
In the March quarter, the national median rent for 3-bedroom houses increased to $601 per week, a quarterly increase of 2.8%, with increases recorded in all capital cities.
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