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Australian housing prices have increased at a whopping rate of 23.4% over the past year, the highest growth in 20 years, the latest Real Estate Institute of Australia\u2019s (REIA) Real Estate Market Facts has found.<\/p>\n
Australian housing prices have increased at a whopping rate of 23.4% over the past year, the highest growth in 20 years, the latest Real Estate Institute of Australia\u2019s (REIA) Real Estate Market Facts <\/em>has found.<\/p>\n REIA President, Adrian Kelly said this is the first time since June 2002 that the annual increase has been higher than 20.0%.<\/p>\n He said that over the September quarter, the weighted average capital city median price increased by 4.5% for houses and by 1.4% for other dwellings.<\/p>\n \u201cThe weighted average median house price for the eight capital cities increased to $961,642. Over the quarter, the median house price increased in all capital cities.<\/p>\n \u201cAt $1,499,126, Sydney\u2019s median house price continues to be the highest amongst the capital cities, 55.9% higher than the national average. At $520,000 Perth has the lowest median house price across Australian capital cities, 45.9% lower than the national average.<\/p>\n \u201cThe weighted average median price for other dwellings for the eight capital cities increased to $650,876, a quarterly increase of 1.4%.<\/p>\n \u201cOver the quarter, the median price for other dwellings increased in Sydney, Melbourne, Brisbane, Perth and Hobart but declined in Adelaide, Canberra and Darwin. At $802,475, Sydney\u2019s median price for other dwellings continues to be the highest amongst the capital cities, 23.3% higher than the national average.<\/p>\n At $410,000 Perth has the lowest median price for other dwellings across Australian capital cities, 37.0% lower than the national average,\u201d Mr Kelly said.<\/p>\n According to Mr Kelly, , the weighted average median rent for 3 bedroom houses in the eight capital cities increased to $464 per week, a quarterly increase of 2.4%.<\/p>\n \u201cThe median rent for 3 bedroom houses increased in all capital cities except Melbourne where it remained stable.<\/p>\n \u201cDuring the quarter, the weighted average median rent for 2 bedroom other dwellings increased to $430 a week. The median rent increased in all capital cities except in Brisbane, Adelaide and Hobart where it remained stable,\u201d he said.<\/p>\n<\/p><\/div>\n