Australia’s house prices have seen the steepest increase in almost 18 years — with Sydney and Canberra recording the fastest quarterly increases in nearly three decades.
Melbourne’s house and unit prices have reached a new record high, with the median house price likely to pass $1m in the next quarter.
The Domain House Price report for the March quarter reveals property affordability is being pushed further out of reach for many desperate to get into the market, especially for houses.
In more grim news for buyers, traditionally affordable cities like Adelaide and Hobart are also setting price records.
Domain Senior Research Analyst Dr Nicola Powell said the average house price in Australia is now just under $900,000 with units at just under $585,000.
“Nationally, house prices reached a record high over the March quarter of $899,509,” she said.
“The 5.7 per cent quarterly gain is the steepest rise in almost 18 years, with all capital cities posting growth.
“This is the first time house prices have risen simultaneously for two consecutive quarters since 2009 post-GFC.””Record low interest rates, improved household savings, low listing volumes, post-lockdown lifestyle changes, consumer sentiment roaring to an 11-year high, returning cashed-up expats and government incentives have fuelled demand for housing and a strong market performance.”
Courtesy: nine.com.au
