Combined capital house prices increased for the ninth quarter in a row, marking the longest stretch of continuous growth since 2012-15.
Alongside the price jump, Domain’s report for the March quarter revealed that Adelaide has joined the $1 million club for median housing prices. Adelaide’s median house price grew $11,119 to $1,000,202, joining Sydney, Melbourne, Brisbane and Canberra in having a seven-figure median.
This milestone comes during the federal election campaign, where both Prime Minister Albanese and Opposition leader Peter Dutton are trying to win over the first home buyer demographic.
According to an insight report from REA Group, the median rental price for Perth has jumped to $700.
This is a 7.1% jump from a year ago and is the biggest growth among Australia’s capital cities.
This has caused Perth to go from the most affordable city to rent into the second most expensive in just five years.
"Perth is now the second most expensive, behind only Sydney, and what we've seen is that there's been very strong population growth across Perth, but the rate at which we've been building homes is nowhere near keeping up with that,” REA Group Senior Economist Anne Flaherty said.
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