The average dwelling price growth across capital cities has reached its highest in a decade, according to the latest Real Estate Market Facts report by the Real Estate Institute of Australia (REIA).
On an annual basis, the average median house price increased by 11.1% to $874,911. All cities registered gains in house prices except Canberra.
Sydney has the highest median house price among all capital cities at $1.31m, which is 49.8% higher than the national average. On the other hand, Perth has the lowest median house price at $500,000.
Unit prices also increased on a yearly basis, with the median unit value striking a 3% growth. Only Adelaide reported a decline in unit prices.
The report also showed an increase in rents in all capital cities, particularly for three-bedroom houses. Darwin had the biggest annual growth at 17.3%, bringing its median weekly rent to $538.5, the second highest next to Canberra's $570.
The median weekly rent for two-bedroom dwellings also increased, with Perth clocking the largest over quarterly growth at 8.3%. Only Sydney and Melbourne witnessed declines in rent over the period.