Tue. Aug 9th, 2022

Melbourne and Canberra have joined Sydney in $ 1 million plus median house price club as the country’s real estate market kicks in.

The latest Domain House Price Report, for the quarter in June, shows that in just three months, Melbourne’s median house price hit $ 41,000 to $ 1.02 million.

The most affordable area to buy a house is in the West of Greater Melbourne for $ 657,500 followed closely by the North West with $ 694,000.

In just three months, Melbourne’s median house price rose by $ 41,000 to $ 1.02 million. (Great Ocean Properties)

Melbourne remains the second most expensive city in the country to buy a house, behind Sydney, where the median house price for the quarter in June grew to eye-watering $ 1.4 million.

Surber-up-and-comer Canberra is hot on the heels of Melbourne with a median house price rising 10.4 percent to $ 1,015 million.

Other notable mentions included Brisbane ($ 678,236), Adelaide ($ 629,728), Hobart ($ 646,301) and Darwin ($ 608,519).

The cheapest capital to buy a house in was Perth, where the median price rose slightly to $ 595,823.

Successful bidders Rebecca and Duncan Brett are celebrating with real estate agent Connie Gerakis after their winning bid at a real estate auction in Earlwood, Sydney. (James Alcock / NINE MEDIA)

When all capitals are taken into account, the median cost of buying a detached house in Australia is now $ 955,927.

Speaking of the extraordinary growth, domain CEO Jason Pellegrino said a number of factors came together to increase property prices.

“What we see in Australia is not unique, everywhere in the world there has been a strong growth in residential property,” Pellegrino said.

“The record low interest rates, prioritization of home life due to travel restrictions and diversion of estimated income to repay debt have given Australians greater purchasing power and increased prices.”

When all capitals are taken into account, the median cost of buying a detached house in Australia is now $ 955,927. (Domain)

Sir. Pellegrino said rising house prices and inadequate wage increases could see government intervention sooner rather than later.

“With the latest wage report from ABS that annual national wages have risen by only 1.5 per cent, we are eager to see if this recent national house price increase of 18.8 per cent encourages action on stamp reform, which would welcome first home buyers, “said Mr Pellegrino.

Bondi Beach property sells for $ 1 million over reserve

Australia’s median house prices – June quarter 2021 *

Capital city:

Median house price:

Quarter-on-quarter increase:

Sydney

$ 1,410,133

+ 8.2 pct

Melbourne

$ 1,022,927

+ 4.1 pct

Brisbane

$ 678,236

+ 5.0 pct

Adelaide

$ 629,728

+ 5.4 pct

Canberra

$ 1,015,833

+ 10.4 pct

Perth

$ 595,823

+ 1.0 pct

Hobart

$ 646,301

+ 6.6 pct

Darwin

$ 608,519

+ 8.9 pct

national

$ 955,927

+ 5.8 pct

* Domain report on house price per. June quarter 21

The information on this site is general and does not constitute personal financial advice. The information is prepared without regard to your personal goals, financial situation or needs. Before making any information on this site, you should consider whether the information is appropriate taking into account your goals, financial situation and needs.

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