It's official: the price of the average freestanding home in an Australian capital city is now a number with seven digits.median combined capital house priceYear-on-year that represents growth of more than 25 per cent, smashing all existing records and outstripping the growth of units more than three times over.COVID-19 lockdowns and extraordinary demand have pushed house prices across the $1 million line.
"Demand continues to outstrip supply across a majority of the cities however rapid price growth and affordability issues are likely to shift demand in 2022.In Hobart the median house price is now $752,110 – a staggering 34.6 per cent year-on-year growth. "The rapid escalation in price is proving to be a significant financial barrier to entry for buyers and upgraders against a backdrop of low wage growth. Housing affordability will continue to weigh on demand throughout 2022."Huge auction attendances have helped lift prices despite extensive COVID-19 restrictions.Melbourne's median house price is now a record $1.1 million, Brisbane's is now $792,065 and Adelaide's is a record $731,547.
Every single capital city recorded year-on-year growth in 2021, while only Darwin failed to edge higher in the December quarter. The median house price in the top end capital is now $645,487 – only slightly more expensive than the cheapest capital in the country in Perth, where the median house price is $612,348.
Forever saving for a deposit where the goal posts continue to move and it becomes increasingly harder to purchase a house. Feels like nothing is relevant in this country anymore. Prices of everything inflates but most peoples salaries stay the same. There’s no balance.
Ping TheBubbleBubble
Ridiculous and totally unsubstainable. A housing affordability crisis is already upon us.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.