House prices reach the $1 million mark

House prices have officially climbed above the $1 million mark for the first time after a strong 12 months of growth.

According to the Real Estate Institute of Australia (REIA) house prices in the major capital cities increased 1.8 per cent in the past three months while other dwellings jumped 1.7 per cent.

The national median house price officially reached $1,005,242 marking the highest price on record.

The median price for houses increased in Sydney, Brisbane, Adelaide, Perth, Canberra and Hobart, but decreased in Melbourne, and Darwin with increases ranging from 1.1 per cent in Canberra to 7.5 per cent in Perth.

Sydney has the highest median house price at $1,595,310, which is now 58.7 per cent higher than the national median.

Darwin is currently the most affordable city in the country with a median house price of $560,000.

Over the past 12 months, the national median price for houses increased by 5.3 per cent, while the national median price for other dwellings increased to $658,953 – a quarterly increase of 1.7 per cent.

Median prices for other dwellings increased in all capital cities except in Melbourne and Hobart, where prices decreased, with increases ranging from 0.8 per cent in Canberra to 4 per cent in Adelaide.

At $795,994, the median price for other dwellings in Sydney continues to be the highest among the capital cities.

The lowest median price for other dwellings was again in Darwin, which at $405,000 is 38.5 per cent lower than the national median. 

In the past year, the national median price for other dwellings increased 5.8 per cent.

Meanwhile, rents are also rising with the national median rent for three-bedroom houses increasing to $585 per week – a jump of 2.6 per cent. 

The median rent for three-bedroom houses increased in all capital cities except Sydney, where it remained stable, while Darwin had the highest quarterly increase of 6.8 per cent.

Median rents increased in Brisbane, Canberra, Hobart and Darwin, and remained stable in all other capital cities, with increases ranging from 0.4 per cent in Darwin to 5.4 per cent in Canberra.

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