Australia’s median house price has surpassed the $1 million mark, according to the Real Estate Institute of Australia (REIA).
During the June 2024 quarter, median prices across the combined capitals rose 1.5% to $1.049 million. This figure represents an increase of 7.0% year-on-year.
REIA president Leanne Pilkington says Sydney is still the most expensive city to buy a house, with a median price of $1.662 million. This is 58.5% higher than the national median. Darwin, on the other hand, is the most affordable. Its median price of $567,000 is 46.0% lower than the national median.
While rising house prices may not be the best news for buyers, it is worth noting that rents have also gone up. Pilkington says the national median rent for three-bedroom houses rose 1.5% in the June quarter to $611 a week.
In Sydney, however, SQM data for September reveals that the median rent for three-bedroom houses is currently $960 a week.
