Median property prices approach $700,000

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The average median price for houses rose by 2.1% over the June quarter, according to the latest Real Estate Market Facts report released by the Real Estate Institute of Australia (REIA). Other dwellings’ median prices also rose by 0.4%.

Detached houses now have an average median price of $700,000, while the median price for other dwellings now sits at $545,000.

“The majority of capital cities recorded increases in the second quarter of the year,” said REIA president Neville Sanders.

Perth was the only capital city where the median price fell for both houses and other dwellings due to slowing population growth and decreasing market activity.”

Sydney continues to lead the country in terms of median property prices, which now sit at 46.5% above the national average. Adelaide also recorded relatively strong growth.

On the other hand, median rents across the majority of capital cities weakened.

“With Perth and Darwin having the highest vacancy rates, median rents in these cities fell markedly compared to 12 months ago. Rental markets in Melbourne, Brisbane, and Hobart appear to be balanced based on their vacancy rates at around the industry benchmark of 3%,” said Sanders.

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