Market Fully Recovered
Property prices which dropped in 2022 have fully recovered with new figures showing the national median house value has hit a record high.
Domain’s latest quarterly House Price Report, shows the national median house value is now $1,094,539.
It says Sydney, Brisbane, Adelaide, and Perth have achieved new house price highs, after a short downturn in Brisbane and Sydney in 2022.
The report shows that median house prices rose across most capital cities in the December quarter except Canberra (down by 3.5%) and Darwin (down by 1.2%).
Domain chief of research and economics Dr Nicola Powell says a continuing lack of listings is driving price growth.
Powell says it has bee a strong start to the recovery and while she predicts further price growth, it will vary between capital cities.
The report shows that unit values have already picked up pace and increased by 2.3% in the December quarter.
Powell predicts Sydney will hit a median house price of $1.6 million this year and that the steep gains Brisbane experienced in the past year will continue.
“(In Brisbane) Units have come off a very long period of underperformance because they’ve had such a heightened level of supply,” she says.
“It’s been really the hero days for units in Brisbane over the last couple of years.”
