City has the lowest median prices for both houses and units
Perth is the cheapest capital city for both houses and units, according to the Real Estate Institute of Australia’s Real Estate Market Facts report for the June quarter.
Perth remained the capital city with the cheapest house prices, with a median house price of $530,000 – 47.6% lower than the national median.
The median house price was $663,000 in Adelaide, $758,875 in Brisbane, $790,000 in Hobart, $1 million in Canberra, $1.08 million in Melbourne and $1.55 million in Sydney.
“The comparison between Perth’s median and the rest of the capital cities highlights how affordable our city is,” the Real Estate Institute of Western Australia said. “Especially when comparing to Sydney, which continues to have the country’s most expensive median house sale price, 53.3% above the national median.”
In the June quarter, Perth’s median house price remained stable, but increased 2.5% over the previous year. The median house price increased in Brisbane, Adelaide and Darwin and fell in Sydney, Melbourne, Canberra and Hobart.
Perth is also now the cheapest of the capital cities for units, according to the REIA report. The city’s median unit sale price for the June quarter was $410,000.
The median unit price was $470,000 in Brisbane, $540,000 in Hobart, $600,000 in Canberra, $670,500 in Melbourne, $790,983 in Sydney, $415,000 in Darwin and $425,000 in Adelaide.
“The unit data further highlights how affordable we are, given four of the eight capital cities have median unit sale prices more expensive than Perth’s median house sale price,” REIWA said. “It’s clear when observing median prices around the country that the dream of homeownership is very much alive in WA. While many people on the east coast are priced out of the residential sales market, that is not the case in WA.”