Australia is closing in on the symbolic milestone of a $1 million median property price, as Austalian Bureau of Statistics (ABS) data revealed that the early stages of Sydney’s lockdown had ‘no discernible effect’ on price growth.
The median house price across the country rose by another $50,000, topping out at $825,700 for the month of June.
Collectively, the 6.7% price growth seen across Australia was the strongest since the ABS began its Residential Property Price Index in Q3 2003.
The lockdowns that began in Sydney at the end of the month had a negligible effect on price growth, which grew by 8.1% quarter to quarter and a staggering 19.3% on the same period last year.
Sydney median house prices grew faster than the national average again, adding $81,000 in value for a median price of $1, 093,100.
Canberra posted ever stronger numbers, with their prices up 8.2% Q2Q and 19.1% compared to last year. The ACT also surpassed Victoria on the median house price list, reclaiming second place for the first time since March 2015 with a median price of $891,700.
Other areas were slightly slower, but still up across the board. The national weighted average price growth, according to the ABS, was 6.7%, with Melbourne (6.1%), Brisbane (5.7%) and Hobart (6.3%) the next best.
Darwin (4.6%) and Perth (4.8%) lagged, but were still comfortably up.
“The continued growth in property prices was occurring at a time of record low interest rates,” said Michelle Marquardt, head of prices statistics at the ABS.
“Persistently low levels of stock on the market were being met with strong demand and properties transacting at an increasingly rapid rate”.
“With the exception of Hobart and Darwin, capital cities continued to see house price rises outpace those of attached dwellings such as apartments and units, with price growth for both property types being driven by the upper segments of the market.”