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Melbourne, Canberra Homes Join $1-Million Club

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Melbourne and Canberra’s median house prices have topped a million dollars for the first time after a year of skyrocketing prices.

House prices in Canberra increased by 10.4 per cent in the June quarter to a median of $1,015,833 while Melbourne houses prices went up 4.1 per cent to $1,022,927, according to Domain.

The house price report showed house prices went up in every Australian capital city, while apartments had mixed results.

House prices in Australia

LocationMedian PriceJune QuarterAnnual Change
Sydney$1,410,1338.2%24%
Melbourne$1,022,9274.1%16.2%
Brisbane$678,2365.0%13.0%
Adelaide$629,7285.4%16.3%
Canberra$1,015,83310.4%29.2%
Perth$595,8231.0%12.3%
Hobart$646,3016.6%28.4%
Darwin$608,5198.9%22.3%
National$955,9275.8%18.8%

^Source: Domain House Prices Repot June 2021
Domain chief executive Jason Pellegrino said Australia’s strong property market appeared to be following what is a global trend with global average house price up 7.3 per cent.

“What we're seeing in Australia is not unique—across the world there has been strong growth in residential property,” he said.

“The record low interest rates, prioritisation of home-life due to travel restrictions and redirection of discretionary income to pay down debt has given Australians greater buying power, driving up prices.

“What is interesting in our latest quarterly report is a very early indication that the rate of growth may be moderating.”

Unit prices in Australia

LocationMedian PriceJune QuarterAnnual Change
Sydney$786,1753.2%7.4%
Melbourne$572,7930.8%5.2%
Brisbane$394,287-0.4%2.1%
Adelaide$337,9320.0%2.3%
Canberra$504,2173.6%4.7%
Perth$370,571-1.7%13.7%
National$601,4822.1%6.7%

^Source: Domain House Prices Repot June 2021
Domain chief of research Nicola Powell said the biggest price increase was in the ACT, particularly in Woden Valley and North Canberra where prices went up more than 30 per cent.

“Canberra houses have experienced the steepest price acceleration in almost three decades as buyer demand is unable to keep up with supply, resulting in the number of properties for sale hitting a multi-year low,” she said.

“It’s higher average income, large public sector employment base, lifestyle and a turnaround in interstate migration continues to buoy the local housing market.”

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Article originally posted at: https://www.theurbandeveloper.com/articles/melbourne-canberra-median-house-price-million-dollars