SURGE IN NATIONAL HOUSING AND RENTAL PRICES
New report presents strong median price rises for most cities.
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The weighted average capital city median price of houses and other dwellings officially increased for the December quarter 2020.
Figures from the Real Estate Institute of Australia (REIA) report ‘Real Estate Market Facts’ indicate a 6% rise for houses and 0.9% rise for other dwellings during for the period.
“The weighted average median house price for the eight capital cities increased to $825,205,” said Adrian Kely, REIA President. “Over the quarter the median house price increased in all capital cities,”
“At $1,211,488, Sydney’s median house price continues to be the highest amongst the capital cities, 46.8% higher than the national average.
“At $490,000 Perth has the lowest median house price across Australian capital cities, 40.6% lower than the national average. Over the 12 months to the December quarter, the weighted average capital city median house price increased by 6.6%.
The weighted average median price for other dwellings for the eight capital cities increased to $601,345, a quarterly increase of 0.9%. The only city to not see a rise was Adelaide.
The REIA figures also outed a rise in median rent for 2-bedroom houses in Brisbane, Adelaide, Perth, Canberra and Darwin.
Sydney, Melbourne and Hobart, meanwhile, remained steady.
“Other dwelling rents during the quarter, the median rent for 2-bedroom other dwellings increased in Perth, Canberra and Darwin, remained steady in Brisbane and Hobart but decreased in Sydney, Melbourne and Adelaide,” added Kelly. “Darwin had the largest increase over the quarter [6.6%].”
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
The construction sector is roaring back to life in some Australian states while others languish in the doldrums
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The home building market is on the rebound as building approvals rise, new data reveals.
Information from the Australian Bureau of Statistics shows that the total number of dwellings approved in August was up 7 percent seasonally adjusted, with apartments leading the way.
Private sector house approvals gained 5.8 percent in August while private sector residences excluding houses were up 9.4 percent. This follows on from a decrease of 14.6 percent in July and indicates a solid recovery in the Australian construction sector as the end of the year approaches.
Approvals for total dwellings were strongest in the two largest states, with Victoria recording a rise of 22.2 percent and NSW 12.5 percent. Western Australia also saw a significant rise of 12.3 percent.
In Queensland, the results were less positive for the sector, with total dwelling approvals falling by -26.9 percent. Tasmania also experienced a drop in approvals in August, down -10.1 percent and South Australia -6.9 percent.
Chris Dixon, a partner who led the charge, says he has a ‘very long-term horizon’
Americans now think they need at least $1.25 million for retirement, a 20% increase from a year ago, according to a survey by Northwestern Mutual
