Housing market posts modest gains, with Darwin leading house and rental price growth
Australia’s residential property market saw moderate price increases in most capital cities during the June quarter, according to the latest Real Estate Market Facts report from the Real Estate Institute of Australia (REIA).
The report noted that the national weighted median house price rose by 1.9% to $1,098,671, while the median price for other dwellings increased by 1.7% to $713,438.
Darwin recorded the strongest growth, with house prices up 6.8% and unit prices rising 6.4%. In contrast, Canberra and Hobart saw little change, with some segments experiencing minor declines.
Sydney remained the nation’s most expensive capital, with a median house price of $1,722,443 and a median unit price of $834,791—figures that are 56.8% and 17% higher than the national averages, respectively.
Darwin continued to offer the lowest prices among the capitals, with houses averaging $600,000 and units at $405,000.
“We’re seeing modest price growth in most capital cities,” said Leanne Pilkington (pictured right), president at the Real Estate Institute of Australia. “While affordability pressures remain acute in Sydney, the consistency of price increases across much of the country shows resilience in the housing sector despite ongoing economic headwinds.”
Meanwhile, rental conditions were mixed across the country.
The national median weekly rent for three-bedroom houses increased slightly by 0.7% to $633, led by a 4.8% rise in Darwin. The national median weekly rent for two-bedroom units fell by 0.6% to $644.
Unit rents rose modestly in Sydney, Adelaide and Darwin, remained steady in Perth and Hobart, but declined in Melbourne, Canberra and Brisbane.
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