PHOTO: Sydney, Australia
- House prices in Australia continue to surge, especially in Sydney and Melbourne
- Darwin and Perth were the only capital cities not to achieve record numbers
- As Covid restrictions ease, experts have forecast increased spending in 2021
House prices in Australia have achieved record highs, with properties more expensive than ever across most parts of the nation.
New data from Domain revealed that in December 2020, house prices across all capital cities hit record numbers – except in Darwin and Perth.
Sydney typically led the way, with the median house price sitting at a little over $1.2million, up 6.7 per cent from this time last year.
‘Record low interest rates have spurred buyer activity with cheaper credit easing the affordability of mortgage repayments,’ Domain Senior Research Analyst, Dr Nicola Powell, said.
Melbourne properties were also on the rise, with the median price on the market being just over $936,000, up from almost $889,000 in the previous quarter.
Multi-bedroom houses in Brisbane (pictured above) flood the market, but provide value for money compared to other capital cities
Units in Sydney’s CBD (pictured above) are comfortably selling for more than $1million a piece – as buyers take advantage of low interest rates
MEDIAN HOUSE PRICES IN AUSTRALIA’S CAPITAL CITIES
Sydney: $1,211,488 (up 6.7 per cent)
Melbourne: $936,073 (up 3.9 per cent)
Canberra: $855,530 (up 9.1 per cent)
Brisbane: $616,387 (up 5.6 per cent)
Adelaide: $574,264 (up 6.1 per cent)
Hobart: $564,091 (up 12.4 per cent)
Perth: $563,214 (up 6.3 per cent)
Darwin: $533,845 (up 3.6 per cent)
National: $852,940 (up 5.8 per cent)
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