Melbourne, Canberra property markets join Sydney in $1m club

• Melbourne and Canberra real estate markets have joined Sydney in the million-dollar average home price club, with Sydney surpassing $1.4 million
• Domain’s June 2021 House Price Report shows national house prices have risen 18.8 per cent year on year, with homes in Sydney soaring $1200 every day
• The rate of increase is so fast — in Canberra, it’s up 30 per cent in a year — that Australia now has a new most affordable capital, Perth
• House prices in Melbourne have surpassed $1 million for the first time, rising by over $41,000 in the June quarter
• Prices for homes in Canberra have also surpassed $1 million for the first time, setting a new high of $1.016 million

Melbourne and Canberra have joined Sydney in breaking the $1 million average house price, as prices across the country continue a streak of intense growth over the June quarter.

According to Domain’s June 2021 House Price Report, national house prices have risen 18.8 per cent year on year, with homes in Sydney soaring $1200 every day over the June quarter.

Domain’s latest quarterly report underlined the ideal storm for rising house prices, low mortgage rates, a scarcity of houses for sale, and government stimulus.

The rate of increase is so fast — in Canberra, it’s up 30 per cent in a year — that Australia now has a new most affordable capital, Perth.

Sydney has reached a new $1.41 million median house price record, rising more than eight per cent over the past two quarters.

Unit prices in Sydney climbed $24,000 in the June quarter to $786,175, just below the mid-2017 market high.

House prices in Melbourne have surpassed $1 million for the first time, rising by over $41,000 in the June quarter.

Prices for houses have grown fast after Melbourne was released from lockdown in late 2020, with three-quarters of straight growth above four per cent — a period not witnessed since the city’s post-GFC recovery, the report said.

Prices for a unit reached a new high of $572,793, up $4000 over the previous quarter in Melbourne.

House Prices

Brisbane home prices have reached a new high of $678,236, up over $33,000 in the previous three months and nearly $78,000 in the last year. This year’s price rise of 13 per cent is the highest in the last 13 years.

Over the June quarter, unit prices fell about $1800 to $394,287, remaining roughly $22,000 below the mid-2016 price high.

The underperformance of unit prices as a result of increased development has been a constant pattern for a number of years, but they have shown greater stability in recent quarters, the report said.

Adelaide has continuously established new record-high home prices over the last year, and in the June quarter, a new benchmark was reached, with prices topping $600,000 for the first time.

Over the quarter, unit prices were unchanged, close to last year’s record high.

House prices in Canberra have surpassed $1 million for the first time, setting a new high of $1.016 million. During the June quarter, they increased by about $1054 each day, for a total increase of $96,000.

The report said it is the biggest significant price increase in over three decades.

Canberra home prices have grown 30.9 per cent and unit prices 9.4 per cent since the pandemic.

Following a relatively moderate $6,000 gain to $595,823, Perth home prices hit a six-year high in the June quarter.

This is the most significant yearly rise in 11 years, up 12.3 per cent or $65,000. Unit prices defied the trend and fell to $370,571 in the June quarter.

House prices in Hobart set a new high of $646,301, up $40,000 from the previous quarter. At $608,519, Darwin home prices have risen to their highest level in over four years.

Unit Prices