Melbourne’s median house price breaks through the $1 million mark

Melbourne’s median house price has burst through the $1 million barrier as Sydney falls further down their COVID outbreak spiral.

Domain figures for the June quarter show our capital city’s median house price rose $41,000 to $1.02 million.

Sydney is still the most expensive capital in Australia in which to buy a house with the median price now sitting at $1.4 million.

Perth recorded the lowest median house price of the capitals, rising slightly to $595,823.

Domain CEO Jason Pellegrino told Nine News there were a number of factors driving the strong price growth.

“What we’re seeing in Australia is not unique, across the world there has been strong growth in residential property,” he said.

“The record low interest rates, prioritisation of home-life due to travel restrictions and redirection of discretionary income to pay down debt has given Australians greater buying power, driving up prices.”

The soaring prices come as wages continue to stagnate causing concern and increasing the likelihood of some sort of government intervention.

“With the latest wage report from ABS stating annual national wages have only increased 1.5 per cent, we are keen to see if this recent national house price growth of 18.8 per cent prompts action on stamp duty reform which would offer welcome relief to first home buyers,” Mr Pellegrino told Nine News.

Australia’s Median House Prices – June Quarter 2021