Highest annual house price increase in 20 years – REIA

Australian housing prices have increased at a whopping rate of 23.4% over the past year, the highest growth in 20 years, the latest Real Estate Institute of Australia’s (REIA) Real Estate Market Facts has found.

REIA President, Adrian Kelly said this is the first time since June 2002 that the annual increase has been higher than 20.0%.

He said that over the September quarter, the weighted average capital city median price increased by 4.5% for houses and by 1.4% for other dwellings.

“The weighted average median house price for the eight capital cities increased to $961,642. Over the quarter, the median house price increased in all capital cities.

“At $1,499,126, Sydney’s median house price continues to be the highest amongst the capital cities, 55.9% higher than the national average. At $520,000 Perth has the lowest median house price across Australian capital cities, 45.9% lower than the national average.

“The weighted average median price for other dwellings for the eight capital cities increased to $650,876, a quarterly increase of 1.4%.

“Over the quarter, the median price for other dwellings increased in Sydney, Melbourne, Brisbane, Perth and Hobart but declined in Adelaide, Canberra and Darwin. At $802,475, Sydney’s median price for other dwellings continues to be the highest amongst the capital cities, 23.3% higher than the national average.

At $410,000 Perth has the lowest median price for other dwellings across Australian capital cities, 37.0% lower than the national average,” Mr Kelly said.

According to Mr Kelly, , the weighted average median rent for 3 bedroom houses in the eight capital cities increased to $464 per week, a quarterly increase of 2.4%.

“The median rent for 3 bedroom houses increased in all capital cities except Melbourne where it remained stable.

“During the quarter, the weighted average median rent for 2 bedroom other dwellings increased to $430 a week. The median rent increased in all capital cities except in Brisbane, Adelaide and Hobart where it remained stable,” he said.