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On this episode of The nestegg Podcast, host Maja Garaca Djurdjevic and three experts discuss whether owner-occupiers should withdraw from the property market, the effects of Tuesday blues on the ASX, upcoming super changes and more.

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Steve Waters, director of Right Property Group, chats about current property price movements and whether owner-occupiers are being priced out of the market.

RMIT’s senior lecturer of finance, Dr Angel Zhong, delves into the Tuesday blues effect and the implications for Aussie investors.

And lastly, tax and super guru Timothy Munro talks about upcoming super changes and shares his handy checklist ahead of tax time.

Have a question for our experts? Get in touch at [email protected] and you might get featured on the next episode.

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Australia’s house prices rise, again

By Fergus Halliday

June 11 2021
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Invest

Australia’s house prices rise, again

By Fergus Halliday
June 11 2021

Australia’s house prices just went up again in a big way.

Australia’s house prices rise, again

By Fergus Halliday

June 11 2021
Share

Australia’s house prices just went up again in a big way.

Bad news for those hoping to wait out the property boom, the Australian property market just increased at the highest quarterly rate in a decade.

According to the Real Estate of Australia’s latest Real Estate Market Facts report, the weighted average capital city median price increased by 6.8 per cent for houses and by 2.7 per cent for other dwellings over the March quarter.

REIA president Adrian Kelly noted that the growth represented the highest rate of quarterly growth in a decade. He also noted that this trend coincides with recent figures released by the ABS, highlighting the value of new loan commitments for housing covering the same period of time.

In the twelve-month period prior to the March quarter, the weighted average capital city median house price increased by 11.1 per cent.

“Over the March quarter, the weighted average median house price for the eight capital cities rose to $873,911 with all cities increasing except Canberra,” Mr Kelly noted.

At a weighted average median house price of $1309,195, Sydney continued to be the front-runner here. It boasted a median house price that was 49.8 per cent higher than the national average.

On the other end of the spectrum, Perth has the lowest median house price across Australian capital cities. At $500,000, it came in at 42.8 per cent lower than the national average.

“Over the quarter, the median price for other dwellings increased in Sydney, Melbourne, Perth, Hobart and Darwin, remained steady in Brisbane and Canberra but decreased in Adelaide. Other the 12 months to the March 2021 quarter, the weighted average capital city median price for other dwellings increased by 3.0 per cent,” Mr Kelly said.

As for rental markets, the REIA noted that median rent for 3-bedroom houses increased over the past twelve months in all capital cities except Melbourne.

Thanks to an annual growth rate of 17.3 per cent, Darwin now has the second-highest rent in the country. At $538.50 per week, it’s closing in on Canberra - which leads with $570 per week.

The report also noted that the national capital city vacancy rate is now at 3.3 per cent.

The REIA said that this is “primarily due to Melbourne’s rate of 6.1 per cent.”

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