The national median house price went up by 1.7% during the June quarter to reach a new record high, according to the latest results from Domain.
The website’s Metro State of the Market Report
puts the median price at $818,416, which is 10.1% higher compared to the same period last year.
Despite the record highs, the actual increase was the lowest per quarter since March 2016 and was well short of the recent peak rate of 4% recorded during the December quarter last year.
For apartments, the median price also increased by 1.7% to $571,064 during the June quarter – the fifth consecutive quarter of growth for units.
“The national median house price continues to rise, but it is evident that the rate of national price growth is slowing down,” said Domain chief economist Andrew Wilson
For Sydney, the median house price rose by 1.6% to $1,178,417 during the last quarter. The capital city hit this new record with prices rising by $132,349 (or 12.7%) over the year-to-date.
Median unit prices for Sydney are also on the increase, up 3.2% to $757,911 throughout the quarter. Annually, this equates to a 10.5% upsurge, the strongest annual growth rate across all capital cities.
“While Sydney house prices continue to increase to record highs, the slow rate of growth — significantly below the previously recorded growth rates of 4% in late 2016 — will be welcome news for first home buyers or those looking to enter the property market,” Wilson said.
“Despite recent record levels of apartment construction, Sydney unit prices are continuing to rise, now at a faster rate than houses. Unit prices recorded a sixth consecutive quarterly increase and the highest growth rate in two years — since the June quarter 2015.”
Melbourne experienced higher levels of growth for housing than Sydney, increasing by 3.5% over the June quarter to reach a new peak of $865,712. This means median house prices have skyrocketed by 15.5% over the year ending in June.
The city’s median unit prices also experienced growth – although it was more subdued than Sydney – jumping 2.1% to $474,848. This equates to an annual rise of 4.6%.
“Melbourne’s property market continues to go from strength to strength, recording a remarkable 19 consecutive quarters of house price growth – a series record for any of the Australian capitals – with no signs of slowing down,” said Wilson.
“Despite misplaced predictions of an overabundance of units in Melbourne, unit demand remains well ahead of supply, with price increases expected to continue.”
Changes in median house price in the other capital cities are below:
Median apartment prices for each capital city are as follows:
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