The Urban Developer
AdvertiseEventsWebinars
Urbanity
Awards
Sign In
Membership
Latest
Menu
Location
Sector
Category
Content
Type
Newsletters
Untitled design (8)
FULL PROGRAM RELEASED FOR URBANITY-25 CONNECTING PROPERTY LEADERS ACROSS THE ASIA PACIFIC
FULL PROGRAM RELEASED FOR URBANITY-25 WHERE THE PROPERTY INDUSTRY CONNECTS
VIEW FULL AGENDADETAILS
TheUrbanDeveloper
Follow
About
About Us
Membership
Awards
Events
Webinars
Listings
Resources
Terms & Conditions
Commenting Policy
Privacy Policy
Republishing Guidelines
Editorial Charter
Complaints Handling Policy
Contact
General Enquiries
Advertise
Contribution Enquiry
Project Submission
Membership Enquiry
Newsletter
Stay up to date and with the latest news, projects, deals and features.
Subscribe
ADVERTISEMENT
SHARE
57
print
Print
ResidentialRenee McKeownThu 28 Jan 21

Capital City House Prices Hit New Peaks

e8e1f629-b486-4cc4-84ab-a525991d8e60

Australian house prices hit record highs along the east coast, marking the steepest increase in four years and rounding out a year of unprecedented events and price predictions.

The median house value now sits at $852,940, up 4.1 per cent over the quarter and 5.8 per cent in the year according to Domain’s house price report.

Sydney, Hobart and Melbourne led the charge in the quarterly results while Brisbane made a modest improvement but was up 5.6 per cent in the year.

Meanwhile unit prices rose marginally over the quarter—with only Melbourne and Canberra seeing significant growth—but could hit new highs in the coming months according to Domain analysts.

This is a far cry from early pandemic predictions including a 7 to 15 per cent fall predicted by the Reserve Bank in the first half of 2020.

Australian house prices hit new records

CityDec 20Sep 20Dec 19QoQYoY
Sydney$1,211,488$1,156,090$1,135,4824.8%6.7%
Melbourne$936,073$888,985$900,9405.3%3.9%
Brisbane$616,387$611,606$583,4770.8%5.6%
Adelaide$574,264$562,656$541,0222.1%6.1%
Canberra$855,530$804,120$784,4596.4%9.1%
Perth$563,214$546,560$528,7833.0%6.3%
Hobart$564,091$531,594$501,6996.1%12.4%
Darwin$533,845$521,712$515,2132.3%3.6%
National$852,940$819,112$806,3604.1%5.8%

^Source: Domain House Price Report, December quarter 2020

House prices across all capital cities are now at new peaks, apart from Darwin and Perth.

Domain senior research analyst Nicola Powell said the pessimistic outlook for property prices failed to materialise.

“House prices [in Sydney] finished the year 6.7 per cent higher than the previous year, although the pace of annual growth is roughly half that of earlier in the year,” Powell said.

“The rebound highlights the resilience of Sydney’s house values following a short-lived 2.2 per cent dip mid-year.

Powell said record low interest rates, the containment of Covid and stimulus packages all played a role in supporting market activity and prices.

The report also shows outer-city regions across the country saw record price growth as demand rose throughout the pandemic.

The Blue Mountains and Central Coast in NSW, the Mornington Peninsula in Victoria and Queensland’s Gold Coast and Sunshine Coast all recorded strong house price growth between December 2019 to December 2020.

ResidentialAustraliaBrisbaneMelbournePerthAdelaideCanberrado not useDarwinReal EstateSector
AUTHOR
Renee McKeown
More articles by this author
ADVERTISEMENT
TOP STORIES
Exclusive

Accor Deputy Delivers Verdict on Brisbane Games Hotel Shortfall

Phil Bartsch
6 Min
Qld Budget 2025-26 Brisbane City
Exclusive

Billions Promised, Now Deliver: Industry’s Qld Budget Verdict

Vanessa Croll
6 Min
Medium Density housing in NSW
Exclusive

NSW Budget ‘Groundbreaking’ $1bn Guarantee to Unlock Housing

Leon Della Bosca
7 Min
Exclusive

Azure’s Trent Keirnan on Playing the Long Game

Taryn Paris
5 Min
Exclusive

Private Credit Surge, Skittish Buyers Force Banks to Loosen Presale Rules

Taryn Paris
5 Min
View All >
Not-for-profit BaptistCare is about to embark on one of its biggest projects to date, a 6.4ha development in Sydney’s north west with a capital investment value exceeding $2 billion.
Placemaking

BaptistCare Plans $2bn Precinct at Macquarie Park

Renee McKeown
TimePlace Manly shoptop
Construction

Time & Place Plans Second Manly Project as First Begins

Vanessa Croll
Ledlin Developments Somerville Business Park
Industrial

Ledlin Plots $13m Somerville Premium Business Park

Leon Della Bosca
The developer returns to his roots, filing plans for a first-of-its-kind premium business park in his Mornington Peninsu…
LATEST
Not-for-profit BaptistCare is about to embark on one of its biggest projects to date, a 6.4ha development in Sydney’s north west with a capital investment value exceeding $2 billion.
Placemaking

BaptistCare Plans $2bn Precinct at Macquarie Park

Renee McKeown
2 Min
TimePlace Manly shoptop
Construction

Time & Place Plans Second Manly Project as First Begins

Vanessa Croll
2 Min
Ledlin Developments Somerville Business Park
Industrial

Ledlin Plots $13m Somerville Premium Business Park

Leon Della Bosca
3 Min
King William Road City of Unley Corner of Mary Street and King William Road North
Planning

Rezoning Push to Unlock $300m Scheme at SA’s Unley

Leon Della Bosca
4 Min
View All >
ADVERTISEMENT
Article originally posted at: https://theurbandeveloper.com/articles/australian-house-prices-go-through-the-roof