The average value of a home in one of Australia’s capital cities is now more than $920,000, following the largest ever annual increase in prices recorded.
Australian Bureau of Statistics (ABS) figures show property values hit new highs in the past 12 months, with the weighted average of Australia’s eight capital cities increasing by 23.7%.
It was the smaller capital cities which had the strongest growth with Hobart’s values up 29.8%, followed by Canberra, 28.8%, Brisbane 27.8% and Adelaide 23.9%.
Sydney values increased by 26.7% and Melbourne values increased by 20%.
Australia’s median house price now sits at $920,100, while New South Wales is the state with the highest median of $1.21 million.
It is followed by the ACT, $979,600 and Victoria $956,100 while the Northern Territory is the cheapest with a median of $489,000.
According to the Real Estate Institute of Australia’s latest Housing Affordability Report the rise in prices means that borrowers are spending more.
It says in December borrowers paid on average 37% of their incomes to meet loan repayments.
Despite the solid increases in the past 12 months CoreLogic figures show there was a slight decrease, Â 0.3%, in property prices across the eight capital cities in February.
